The European Bank for Reconstruction and Development (EBRD) will invest up to €64 million in AikGroup for a 5% stake, providing new equity as the Serbia-rooted banking group expands through acquisitions and targets approximately €17 billion in assets within three to five years.
The transaction involves newly issued shares, meaning the capital will go directly to AikGroup rather than to existing shareholders. At the maximum investment amount, the deal implies a post-money equity valuation of approximately €1.28 billion. The EBRD will also appoint a representative to AikGroup’s board, giving the development bank a governance role alongside its equity investment. AikGroup currently controls AikBank in Serbia, Gorenjska Banka in Slovenia and Hipotekarna Banka in Montenegro, with more than €10 billion in assets.
Croatia expands AikGroup’s banking footprint
AikGroup has already agreed to acquire approximately 91.75% of Podravska banka in Croatia for around €42.2 million, subject to the required approvals. Completion of the Croatian transaction would give the group banking operations in four countries and extend its Serbia-based platform into another EU market.
The group’s expansion combines organic growth with acquisitions, with the increase from more than €10 billion to approximately €17 billion in assets representing an expansion of almost 70%. The planned Croatian acquisition therefore forms part of a wider regional growth programme rather than representing the entirety of AikGroup’s targeted asset expansion.
New equity supports acquisitions
The structure of the EBRD investment gives AikGroup additional capital for its expansion programme because the €64 million will be raised through newly issued shares. The transaction therefore increases the group’s equity base rather than providing proceeds to an existing shareholder.
AikGroup has expanded its regional footprint through the acquisition of Eurobank Direktna, which was subsequently integrated into AikBank, followed by its banking operations in Slovenia through Gorenjska Banka and Montenegro through Hipotekarna Banka. The planned acquisition of Podravska banka would add Croatia to that network, creating a banking platform spanning EU and Western Balkan markets.
EBRD deal sets €1.28 billion valuation reference
The EBRD investment provides a valuation benchmark for AikGroup. A €64 million investment for a 5% stake in the enlarged company corresponds to a post-investment equity valuation of approximately €1.28 billion. The development bank is taking an equity position alongside AikGroup’s existing shareholders rather than providing conventional debt financing. Its board representation also gives the EBRD a direct role in the group’s governance as the banking platform expands.
Digital banking investment accompanies expansion
AikGroup is also planning further digital banking development across its subsidiaries, including enhanced mobile banking and online lending services. The programme includes automated loan approvals, while technology investment is expected to support the group’s expansion across multiple markets.
A common technology approach across subsidiaries can cover banking applications, cybersecurity and data infrastructure at group level, alongside the development of individual country operations. The EBRD expects these initiatives to support operating efficiencies and cost savings as AikGroup grows.
Cybersecurity and climate commitments
The EBRD transaction includes technical support for cybersecurity and data governance, including an assessment against the EU’s Digital Operational Resilience Act (DORA). The programme is expected to cover gap analysis, penetration testing and action plans across AikGroup. The group already operates within the EU through Slovenia and is supervised at group level by the European Central Bank. The planned Croatian expansion would further extend its operations under EU regulatory requirements. AikGroup has also committed to preparing a climate-transition plan aligned with the Paris Agreement, incorporating climate considerations into governance, strategy, risk management and disclosure.
Regional consolidation broadens AikGroup’s platform
AikGroup’s expansion comes as banking groups across Southeast Europe invest in technology, cybersecurity and regulatory compliance while operating across multiple national markets. The group’s current balance sheet of more than €10 billion, its acquisition history and the new EBRD equity investment provide the financial and institutional framework for further regional expansion.
If the Podravska banka acquisition receives the required approvals, Croatia will become AikGroup’s fourth banking market and its latest EU operating platform. The group’s stated target of approximately €17 billion in assets within three to five years would require further growth beyond the Croatian transaction.
