The Bosnian company Pavgord has teamed up with Serbian-based Galens to acquire 40 percent of the shares in Pavlovic International Bank. The deal, which cost the two companies €3.5m, came only after the Bosnian banking agency gave Pavgord the green light to recapitalize 30 percent the Pavlovic bank. Galens didn’t require the regulator’s approval because it acquired just 10 percent.
