Greek central bank buys major Serbian bank

BELGRADE, Serbia, Sept. 12 (UPI) -- The National Bank of Greece has acquired Serbia's Vojvodjanska Bank of Novi Sad, the country's seventh biggest bank, for $488 million, media reported Tuesday.

The NBG purchased the Serbian state's stake of 99.44 percent and agreed to keep the bank's name and its headquarters in Novi Sad, north of Belgrade, Belgrade's Beta news agency reported Tuesday.

Serbian Finance Minister Mladjan Dinkic said the transfer of money should be completed by Dec. 12.

The Greek partner agreed to invest $50 million in modernization of the bank, and to keep the same number of employees for the next three years, the report said.