Reuters: Bankruptcy News: Serbia's Postanska takes over assets of RVB bank

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Serbia's Postanska takes over assets of RVB bank Apr 8th 2013, 10:53 Mon Apr 8, 2013 6:53am EDT * RVB is second state bank to collapse since 2012 * Former clients can manage new accounts in Postanska BELGRADE, April 8 (Reuters) - Serbian state-owned bank Postanska Stedionica took over the assets and liabilities of collapsed lender Razvojna Banka Vojvodine (RVB) on Monday, Postanska said. RVB is the second Serbian bank to collapse since the Socialist-nationalist government took over in 2012, after issuing loans without insuring itself against default. Police detained three former RVB officials in March on suspicion of extending loans without adequate insurance. The government of Serbia's northern Vojvodina province, which owns 62 percent of the bank, and the Serbian government have agreed to the transfer of the deposits of 70,000 RVB clients to another bank. Under the terms announced on Monday, Postanska Stedionica took over 17.5 billion dinars ($203.79 million) of deposits. The uninsured deposits will be secured with 70 million euros ($91.15 million) in five-year bonds issued by the provincial government and the central government. "All clients of the RVB ... as of April 8 can freely manage their savings and assets in full and at every moment," Postanska Stedionica said in a statement. RVB's loans will be placed in a fund of which Vojvodina will own 78.11 percent, with the central government holding the rest. The bank's net loss grew to 7.9 billion dinars ($90.3 million) in the third quarter of 2012, up from 163.6 million dinars a year earlier. Last year, police arrested a number of officials of the now-bankrupt Agrobanka after uncovering a 2011 unaudited loss of 29.7 billion dinars. Postanska Stedionica also took over its assets and 260,000 clients. ($1 = 0.7679 euros) (Reporting by Aleksandar Vasovic; Editing by Tom Pfeiffer) Link this Share this Digg this Email Reprints

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