The takeover contest for Addiko Bank has intensified as rival bids from Raiffeisen Bank International (RBI) and Slovenia’s NLB advance competing strategies that could reshape banking ownership in Serbia and across the Western Balkans. The outcome will determine the future of Addiko’s regional subsidiaries and influence the structure of several banking markets.
On 14 July 2026, RBI announced it had received acceptances for 9,890,151 Addiko shares, representing 51.28% of the shares covered by its offer. The bank has reduced its minimum acceptance condition to more than 55%, moving the transaction closer to completion ahead of the 22 July deadline. RBI is offering €26.50 per share, while NLB has increased its competing bid to €37 per share and plans to lower its own minimum acceptance requirement to more than 50%. The €10.50-per-share difference reflects contrasting valuations as well as differing strategic plans for the banking group’s regional operations.
Regional Expansion Plans Differ
Under RBI’s proposal, Addiko’s subsidiaries in Serbia, Bosnia and Herzegovina, and Montenegro would subsequently be sold to Serbia’s Alta Group, controlled by Davor Macura. Supporting that strategy, Alta Group has tendered 1,878,167 Addiko shares, equal to 9.63% of the company, into RBI’s offer. If RBI secures control and proceeds with the planned divestments, Alta Group would significantly expand its banking presence in Serbia while gaining a platform for broader regional growth. A successful acquisition by NLB, by contrast, would strengthen the Slovenian banking group’s position across markets where it already operates and could result in a different approach to integrating Addiko’s network.
Ownership Outcome Carries Market Implications
Addiko Bank serves approximately 900,000 customers through 155 branches and digital banking channels in five countries. Its operations are concentrated in consumer finance, lending to small and medium-sized enterprises (SMEs), and retail banking across fragmented regional markets.
In Serbia, the future ownership structure could affect competition in deposit gathering, unsecured consumer lending, SME financing, and digital banking. Expansion of a stronger domestic banking group could create a new regional financial institution with local decision-making, while increased market concentration would remain subject to regulatory oversight. An acquisition by NLB could provide access to a larger balance sheet and broader regional banking systems, although integration could also involve consolidation of products, branch networks and staffing.
Regulatory Review Remains Essential
The significant pricing gap between the two offers also highlights differing assumptions about the transaction. RBI’s lower bid is linked to a defined asset-disposal plan, while NLB’s higher valuation depends on expected integration benefits, earnings growth and operational cost efficiencies. Regardless of shareholder acceptance levels, the transaction will require regulatory approvals in multiple jurisdictions. Banking acquisitions spanning several countries involve coordination among national central banks, competition authorities, and European supervisory institutions.
The ownership of Addiko’s Serbian business has consequently become a key element in the wider restructuring of the Western Balkan banking sector, with the transaction set to determine whether a Serbia-based regional banking platform emerges or whether a larger Slovenian lender expands its presence across the region.
