According to the SPA between NLB and the Republic of Serbia, declared but unpaid dividends and employee benefits for prior financial years will be paid before closing. Komercijalna Banka’s existing shareholders will also receive a dividend equating to 50% of 2019 net income.

Komercijalna Banka held the GSM in which they approved the profit distribution for the year 2019. Of the profit of RSD 8.96bn from 2019, RSD 4.46bn will be distributed to the ordinary shareholders, while RSD 13m will be distributed to the preferred shareholders. This translates into an dividend for the ordinary shares of RSD 265.5 per share and RSD 35 per share for the preferred shares.  Such a dividend translates into a payout ratio of 50%.

As a reminder, according to the share purchase agreement between NLB and the Republic of Serbia, declared but unpaid dividends and employee benefits for prior financial years will be paid before closing. Komercijalna Banka’s existing shareholders will also receive a dividend equating to 50% of 2019 net income up to a maximum of EUR 38m before closing.