MERGERS AND ACQUISITIONS IN THE BANKING SECTOR OF THE REPUBLIC OF SERBIA

Borjana Mirjanić; Dragana Stefanović; Vapa Tankosić Jelena

doi:10.5937/ptp2501037S

Authors

Borjana Mirjanić Belgrade Business and Arts Academy of Applied Studies, Department of Business and Information Studies, https://orcid.org/0000-0002-9260-130X
Dragana Stefanović PhD student, Faculty of Economics and Engineering management https://orcid.org/0009-0000-8865-8816
Vapa Tankosić Jelena University Business Academy in Novi Sad, Faculty of Economics and Engineering Management, Novi Sad, Serbia https://orcid.org/0000-0001-8062-1154

DOI:

https://doi.org/10.5937/ptp2501037S

Keywords:

mergers, acquisitions, foreign investments, banking, transition, investment, economic development

Abstract

As a form of foreign direct investment, mergers and acquisitions have become an important form of cross-border investment in developing and transition countries since the last century. For a country to attract such investments, it must meet specific conditions, including political stability and favorable macroeconomic indicators. Following a period of political instability and economic crisis, Serbia has once again become an attractive destination for foreign investments, including mergers and acquisitions. This paper uses a qualitative methodology to analyze the trends and value of mergers and acquisitions in Serbia in the 21st century, with a particular focus on the banking sector. The aim of the paper is to show how mergers and acquisitions have shaped the banking sector in Serbia and to identify the key factors that have influenced these processes.

References

Babić, S., Bojanić, R., & Sajić, R. (2023). Strategija rasta spajanjem i akvizicijom na tržištu telekomunikacija [Growth Strategy through Mergers and Acquisitions in the Telecommunications Market]. In: Međunarodna naučna konferencija Mediji i ekonomija – Zbornik radova Mediji i ekonomija 2022. [International Scientific Conference Media and Economy – Proceedings Media and Economy 2022]. (pp. 339–348). Banja Luka: Besjeda; BLC. DOI: https://doi.org/10.7251/BLCZR0623339B

Božić, V., Aćimović, S., Mijušković, V., & Marković, D. (2013). Komparativna analiza telekomunikacionih tržišta Srbije i Crne Gore [Comparative Analysis of the Telecommunications Markets of Serbia and Montenegro]. Ekonomske teme, 51(3), pp. 525–540

Bruner, R. (2016). Applied Mergers and Acquisitions. New Jersey, USA: John Wiley & Sons

Bubnjević, D. (2009). Efekti stranih direktnih investicija po zemlju domaćina [Effects of Foreign Direct Investment on the Host Country]. Škola biznisa, (4), pp. 70–79.

Darayseh, M., & Alsharari, N. M. (2022). Determinants of merger and acquisition in the banking sector: An empirical study. Meditari Accountancy Research, 31(4), https://doi.org/10.1108/MEDAR-09-2021-1449

DePamphilis, D. (2021). Mergers, acquisitions, and other restructuring activities: An integrated approach to process, tools, cases, and solutions. 11th Edition. San Diego, USA: Elsevier Academic Press

Dimić, M. S., Balaban, M. M., & Paunović, S. S. (2023). Efekti transformacije vlasništva osiguravača na sektor osiguranja u Srbiji [Effects of Ownership Transformation of Insurers on the Insurance Sector in Serbia]. Tokovi osiguranja, 39(4), pp. 512–524. https://doi.org/10.5937/TokOsig2304512D

Đaković, M., & Inđić, M. (2022). Effect of acquisition on improving company performance. Ekonomski pogledi, 24(1), pp. 199–228. https://doi.org/10.5937/ep24-38912

Đorđević, D. R., Carić, M. S., & Nikolić, A. Đ. (2010). Korporativne finansije [Corporate Finance]. Novi Sad: Fakultet za ekonomiju i inženjerski menadžment

Gaughan, P. A. (2018). Mergers, acquisitions, and corporate restructurings. 7th Edition. New Jersey, USA: John Wiley & Sons

Grandov, Z., Stankov, B., & Đokić, M. (2013). Primena statističke metode linearnog trenda na izračunavanje vrednosti ulaznih tokova SDI u Srbiji i Hrvatskoj [Application of Statistical Linear Trend Method for Calculating the Value of FDI Inflows in Serbia and Croatia]. EMC Review – Economy and Market Communication Review, 3(2), pp. 164–178. https://doi.org/10.7251/EMC1302164G

Grandov, Z., Stankov, B., & Roganović, M. (2014). Uporedna analiza faktora koji podstiču inostrane investitore na direktna ulaganja u Srbiji i Rumuniji [Comparative Analysis of Factors Encouraging Foreign Investors for Direct Investments in Serbia and Romania]. Škola biznisa, (2), pp. 141–169. https://doi.org/10.5937/skolbiz2-7420

Janaćković, M., & Janaćković, T. (2019). Kineske strane direktne investicije u evropskim zemljama [Chinese Foreign Direct Investments in European Countries]. Ekonomski izazovi, 8(16), pp. 28–39. https://doi.org/10.5937/EkoIzazov1916028J

Komnenić, B. (2009). Finansijski menadžment [Financial Management]. Novi Sad: Visoka poslovna škola strukovnih studija

Kontić, J., & Kontić, Lj. (2009). Merdžeri i akvizicije u bankarskom sektoru [Mergers and Acquisitions in the Banking Sector]. Bankarstvo, 38(5-6), pp. 90–105

Lazibat, T., Baković, T., & Lulić, L. (2006). Međunarodna spajanja i akvizicije u hrvatskoj gospodarskoj praksi [International Mergers and Acquisitions in Croatian Economic Practice]. Ekonomski pregled, 57(1- 2), pp. 64–79

Lekić, N., Vapa-Tankosić, J., Mirjanić, B., & Lekić, S. (2023a). Uticaj organizacionih parametara na poslovnu agilnosti informatičkih preduzeća Republike Srbije [Impact of Organizational Parameters on the Business Agility of IT Companies in the Republic of Serbia]. Akcionarstvo, 29(1), pp. 181–198

Lekić, N., Vapa-Tankosić, J., Lekić, S., Vapa, B, & Mandić, S. (2023b). Intellectual capital and business performance in ICT companies, Ekonomija – teorija i praksa, 16(2), pp. 44–61. https://doi.org/10.5937/etp2302044L

Mihić Munjić, J. (2019). Akvizicije u Srbiji: Ko će biti nosioci budućih trendova? [Acquisitions in Serbia: Who Will Drive Future Trends?]. Biznis i finansije, Finansije top 2018/2019, pp. 22–24

Mijatović, J. (2018). Meržeri i akvizicije kao metodi korporativnog restruktuiranja [Mergers and Acquisitions as Methods of Corporate Restructuring]. Vojno delo, 70(6), pp. 321–333. https://doi.org/10.5937/vojdelo1806321M

Miković, N. (2022). Efekti restrukturiranja banaka u Republici Srbiji – doktorska disertacija [Effects of bank restructuring in the Republic of Serbia – doctoral thesis]. Beograd: Univerzitet Union u Beogradu, Beogradska bankarska akademija, Fakultet za bankarstvo, osiguranje i finansije

Milošević, I., & Stankov, B. (2023). Upravljanje prilivima stranih direktnih investicija u Republici Srbiji u kontekstu njihovog uticaja na visinu bruto dromaćeg proizvoda [Management of inflows of foreign direct investments in the Republic of Serbia in the context of their impact on the gross domestic product]. Akcionarstvo, 29(1), pp. 133–149

NBS (2024a). Platni bilans [Balance of payments]. Downloaded 2024, October 4 from https://www.nbs.rs/sr/drugi-nivo-navigacije/statistika/platni_bilans

NBS (2024b). Spisak banaka [List of banks]. Downloaded 2024, October 4 from https://www.nbs.rs/sr_RS/finansijske-institucije/banke/spisak-banaka/

Petrović, P., & Vesić, D. (2015). Uticaj svetske ekonomske krize na privredni razvoj Srbije [The impact of the world economic crisis on the economic development of Serbia]. Međunarodni problemi, 67(1), pp. 106–127. https://doi.org/10.2298/MEDJP1501106P

Porter, E. M. (1980). Competitive strategy, Techniques for Analyzing Industries and Competitors. New York: The Free Press, A Division of Simon & Schuster Inc.

Pucarević, M. (2012). Mjerila performansi kao pokazatelji efekata akvizicija [Performance measures as indicators of the effects of acquisitions]. Financing, 3(3), pp. 24–32. https://doisrpska.nub.rs/index. php/financing/article/view/857/805

Reed S. F., & Lajoux A. R. (1995). The Art of M&A, A Merger Acquisition Buyout Guide. Chicago: Irwin Professional Publishing

Radosavljević, N., Bešić, C., & Rendulić-Davidović, G. (2022). Karakteristike srpskog startap inovacionog ekosistema u funkciji privrednog razvoja Republike Srbije [Characteristics of the Serbian startup innovation ecosystem in the function of the economic development of the Republic of Serbia ], In: 1st International Conference on advances in science and technology (pp. 175–185). Herceg Novi: Faculty of Management Herceg Novi

Savović, S., Zlatanović, D., & Nikolić, J. (2021). Tehnološke akvizicije kao instrument podrške unapređenju inovativnog potencijala preduzeća [Technological acquisitions as an instrument of support for improving the innovative potential of companies]. Ekonomski horizonti, 23(1), pp. 3–18. https://doi.org/10.5937/ekonhor2101003S

Startup Genome (2024). Serbia: Belgrade and Novi Sad. Downloaded 2024, October 5 from https://startupgenome.com/ecosystems/belgrade-andnovi-sad

Stojadinović Jovanović, S. (2013). Strane direktne investicije kao oblik finasiranja globalne ekonomije [Foreign direct investments as a form of financing the global economy]. Bankarstvo, 42(1), pp. 34–57

United Nations Conference on Trade and Development. (1998). World Investment Report 1998: Trends and Determinants. New York and Geneva: United Nations

Vapa Tankosić, J., & Vukosavljević, D. (2021). Analysis of structured financial transactions as alternative sources of financing. Pravo – teorija i praksa, 38(1), pp. 13-24. https://doi.org/10.5937/ptp2101013V

Vunjak, N. (2016). Finansijski menadžment, Poslovne finansije [Financial Management, Business Finance]. Bečej: Proleter

Zelenović, V., & Babić, N. (2018). Merdžeri i akvizicije u bankarskom sektoru – slučaj Republike Srbije [Mergers and acquisitions in the banking sector – the case of the Republic of Serbia]. Civitas, 8(2), pp. 87–110. https://doi.org/10.5937/Civitas1802087Z