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Serbia’s Banking Sector Dominates Finance as Payments and Consolidation Increase Competition

Serbia’s financial system remains overwhelmingly bank-led, with 19 banks controlling 90.4% of RSD7.75 trillion in financial-sector assets at the end of 2025. Insurers accounted for another 5.8%, while leasing companies, voluntary pension funds, payment and e-money institutions and virtual-asset providers held most of the remaining assets. For households and businesses, banks continue to determine access to credit, payment services and other core financial products through their branches, digital platforms and lending operations. The concentration is particularly pronounced among the largest…