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Austrian Erste Bank Submits Offer for Hypo Unit in Serbia

Austria’s Erste Group Bank AG submitted a letter of intent to buy the Serbian unit of Hypo Alpe-Adria International AG and is waiting for the Austrian government’s response, Serbian Beta news agency said.

If the government’s response is negative or the offer is not acceptable, Erste has a “backup plan” for its expansion in Serbia, Beta cited Erste Group Chief Executive Officer Andreas Treichl as saying.

Treichl also said Erste is aiming for “organic growth” and expansion in the retail banking business in Serbia.

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