Austria’s Raiffeisen Bank International (RBI) has maintained its plan to acquire Addiko Bank AG, while uncertainty surrounds the subsequent sale of the group’s Montenegrin subsidiary to Serbia’s ALTA Group following the revocation of ALTA Banka’s operating licence.
RBI confirmed that the Serbian regulatory decision had not changed its broader acquisition strategy. However, arrangements for the disposal of selected Addiko subsidiaries are expected to be addressed after the initial takeover is completed.
The proposed transaction envisages RBI acquiring Vienna-based Addiko Bank AG and subsequently selling its banking operations in Montenegro, Serbia and Bosnia and Herzegovina to ALTA Group. RBI would retain Addiko’s businesses in Croatia and Slovenia, while divesting the subsidiaries outside its intended acquisition perimeter.
The planned sale includes Addiko Bank A.D. Podgorica, leaving the Montenegrin subsidiary directly affected by uncertainty surrounding ALTA Group’s prospective ownership role.
Shareholder Support and Takeover Conditions
RBI secured support representing approximately 56.2% of Addiko shareholders in August, according to Bloomberg Adria. ALTA Group, which owns 9.63% of Addiko shares, was among the shareholders supporting the transaction.
RBI initially offered €23.05 per Addiko share, subject to the terms and conditions set out in the subsequent offer documentation.
The withdrawal of ALTA Banka’s licence raises questions about whether ALTA Group can complete the proposed acquisition of Addiko subsidiaries, particularly in relation to regulatory approval and assessments of financial suitability. The Serbian decision does not automatically prohibit the planned subsidiary sales or establish that ALTA Group can no longer participate in the transaction. It also does not directly affect the existing operating authorisation of Addiko Bank Podgorica.
Separate Approvals for the Parent Acquisition and Subsidiary Sales
RBI’s acquisition of Addiko Bank AG and the subsequent disposal of individual subsidiaries are separate stages involving different ownership decisions and regulatory approvals.
Addiko’s regional operations include retail lending and financing for small and medium-sized businesses, making the ownership arrangements relevant to banking markets across Southeast Europe. For Montenegro, a change in the controlling shareholder of Addiko Bank Podgorica could affect the bank’s future business strategy, investment priorities, capital allocation and position in the domestic market.
RBI’s initial timetable envisaged completing the acquisition of the Addiko group in the fourth quarter of 2026, while the subsidiary disposals could be concluded in the second half of 2027. Both stages remain subject to the relevant conditions.
No final decision has been announced on whether RBI will retain Addiko Bank Podgorica, sell it to ALTA Group or pursue another buyer. The remaining shareholder acceptance period, regulatory clearances and clarification of the ownership arrangements for the Montenegrin subsidiary are the next developments relevant to the transaction.
