With a deep industry knowledge, we advise some of the major regional retailers on a wide spectrum of corporate law, M&amp;A, intellectual property,  financing, regulations, etc.Our experience with complex multi-jurisdictional issues significantly contributes to the achievement of our client&#039;s strategic development goals through franchising or distribution.

Capabilities sub category

Retail and Wholesale

Privacy Policy

Cookie Notice

Legal

All capabilities

All posts

All people

Sibinčič Križanec Novak

Address

Contact

Let’s work together.

We focus on effectively serving clients in the contemporary regional and global environment.

Sophisticated knowledge for rapidly emerging markets

The latest achievements and research from our offices across the region.

The members of our alliance excel by in-depth knowledge of local and regional legal frameworks, market environment, investment opportunities, and politics. Our culture is defined by four core values.

Lexcellence alliance experts provide effective regional and cross-industry legal services with immediate access to sophisticated expertise offered by our attorneys.

Banking & Finance

Corporate and M&A

Dispute Resolution

Employment

Real Estate

Automotive & Aviation

Financial Institutions

Energy, Projects, and Infrastructure

Healthcare, Pharmaceuticals, and Biotechnology

Technology, Media and Telecommunications

An international team of experts who have been cooperating closely for years. We have an international perspective with on-the-ground knowledge.

Lexcellence alliance experts’ insights on the array of current legal topics.

With law offices in 6 countries, we advise major local and international market players operating in the Western Balkan region.

Belgrade

Ljubljana

Podgorica

Sarajevo

Skopje

Zagreb

Capabilities

People

Insights

Careers

About

Practices

With the judgement case no. C-555/21 the Court of Justice of the European Union (“CJEU”) answered a preliminary question addressed to it by the Austrian Supreme Court regarding the interpretation of Directive 2014/17 on credit agreements for consumers relating to residential immovable property.The Austrian Supreme Court addressed the request for the preliminary ruling in relation to ongoing court proceedings in which the local association for the protection of the interests of consumers (Ger. Verein für Konsumenteninformation) challenged the general condition used by UniCredit Bank Austria in its credit agreements secured by mortgages. With the disputed general term, the bank, in the case of early repayment of a credit agreement, proportionally reduces only the interest and costs of the credit which are linked to the duration of the credit and does not take into account the proportional reduction for those costs that do not depend on the duration of the agreement (e.g. credit processing costs).With respect to the addressed question whether Directive 2014/17 precludes the national legislation, which grants a consumer with a right to reduce the total cost of credit in the event of early repayment, namely reduction of interests and costs which depend on the duration of the agreement, the CJEU answered that the directive does not preclude such legislation. In case of early repayment, the consumer can therefore only request a reduction of interest and costs which depend on the duration of the agreement.The CJEU emphasized that the purpose of the right to reduce the total costs of the credit is to adjust the credit agreement according to the circumstances of an early repayment. This right, therefore, does not include the right to reduce the costs (i) that the consumer bears regardless of the duration of the agreement and (ii) of services that have already been completed at the time of the early repayment. Furthermore, the CJEU also emphasized that national courts must ensure that the costs borne by the consumer in the event of early repayment do not objectively represent a remuneration of the creditor for temporary use of the capital or payment for services which have not yet been performed.

With the judgment case no. C-555/21 the Court of Justice of the European Union (“CJEU”) answered a preliminary question addressed to it by the Austrian Supreme Court regarding the interpretation of Directive 2014/17 on credit agreements for consumers relating to residential immovable property.

Early repayment of a consumer mortgage loan and reduction of costs that do not depend on the duration of the credit agreement

Industries

Since the beginning of the war in Ukraine, 219,153 Russian citizens have immigrated to Serbia. In contrast, over the past year, more than four thousand Russian entrepreneurs and companies have been established in Serbia. In response to the newly emerging market circumstances, the Government of Serbia adopted the Decree on the criteria for awarding incentives to employers who employ foreign nationals in mid-June of last year. Under the conditions defined by the Regulation, for each employed foreigner, employers can obtain subsidies of 70% of the paid salary tax and 100% of the paid contributions for the Republic Fund for Pension and Disability Insurance.One of the primary criteria for awarding incentives is that the employer and the foreign citizen conclude an employment contract for an indefinite period, with a monthly salary of at least 300,000 dinars. However, this type of engagement is not following the Labor Law, which stipulates that an employer with a foreign citizen can only establish an employment relationship for a certain period for the validity of the work permit issued to the foreigner.Since the provisions of the Labor Law have a more vital legal force than the Regulation, the question of the practical scope of the Regulation itself is justified. The creator of the Regulation did not think to read the provisions of the Labor Law beforehand or at least consult with the relevant Ministry before the Regulation was adopted.In light of such circumstances, the Ministry of Labor issued an official opinion on this topic at the request of an employer who hired Russian citizens in February of this year. In its opinion, the Ministry notes that a foreigner can establish a working relationship for a fixed period but that a public discussion is underway on the amendments to the Law on the Employment of Foreigners, which will stipulate that the employer can conclude an employment contract with a foreigner for an indefinite period.Only after the entry into force of the changes mentioned above will employers be able to legally employ foreigners indefinitely and apply for the award of incentives provided for in the Regulation. In the meantime, may the creator of the Regulation think of passing a new regulation?This text is for informational purposes only and should not be considered legal advice. Should you require any additional information, feel free to contact us.Contact:Kristina Pavlović, Associate <a href="mailto:kristina.pavlovic@sog.rs">kristina.pavlovic@sog.rs</a>

Since the beginning of the war in Ukraine, 219,153 Russian citizens have immigrated to Serbia. In contrast, over the past year, more than four thousand Russian entrepreneurs and companies have been established in Serbia. In response to the newly emerging market circumstances, the Government of Serbia adopted the Decree on the criteria for awarding incentives to employers who employ foreign nationals in mid-June of last year.

Employment of Foreign Nationals – Current Conflict of Regulations

Sheikh Rashid Bin Ahmed Al Maktoum, a member of Dubai’s ruling family, announced that he would offer cooperation opportunities for companies in Central and South Eastern Europe to participate in the national development program called ‘Operation 300 billion’.In March 2021, the UAE launched its 10-year comprehensive strategy to make industry the engine of a sustainable national economy. With this strategy, the Emirates plan to position itself as a global industrial hub by 2031 and to reach 300 billion dirhams (81.7 billion USD) of the gross national product from the current 133 billion dirhams (36.2 billion USD).The SOG Law Firm Will Screen Companies in Country and RegionAs the owner of RAM Investment Ltd. – DXB Holding, Sheikh Rashid Bin Ahmed Al Maktoum hired an international legal consortium of three leading law firms to screen and advise potential companies. That activity will be performed in Serbia and the region by the SOG Law Firm, which in recent years has worked on the most important investment projects in the Balkans, led by the founder Milan Samardžić. Among other things, SOG advised Etihad Airways on a strategic partnership with the Government of Serbia worth 200 million dollars and acquiring a 49% stake in the national airline (Air Serbia).In addition to SOG, two Hungarian law firms are part of the consortium. The law office of Dr. Boros Árpád András, which specializes in the energy, financial, and investment sectors of the Central and Eastern Europe region – leads the Consortium, and CERHA HEMPEL, whose executive partner is Dr. Polauf Tamás – known for its consulting solutions and decades of experience in international commercial transactions and corporate matters.Which Companies Can Apply?The newly established consortium will analyze the applications of innovative companies, primarily in industrial development, IT, transport, pharmaceutical and healthcare industries, which have the power to contribute to a modern, energy-efficient, and sustainable economy in the Emirate of Dubai.The UAE’s ‘Operation 300 Billion’ industrial strategy is open to various sectors. The focus is on information technology, artificial intelligence, and scientific and high-tech sector projects that include biotechnology, microbiology, renewable energy sources, meteorology, and water management. In addition, the strategy provides cooperation with companies from the petrochemical, metallurgical, and space industries. Then the rubber and plastic industries, machinery and equipment, electronic devices, pharmacy, and medical technology.For companies from the ex Yugoslavia region, the program offers exceptional business opportunities to benefit directly from the UAE’s industrial and technological expansion. Technology sector is experiencing significant growth and is one of the most promising. Our market is finally gaining attention on a regional and global scale and will potentially become dominant. Currently, Serbia is already a regional hub in innovation, especially regarding projects based on artificial intelligence. All these factors have contributed to the fact that the UAE has invited innovative companies from the domestic area.One of the examples of companies that have already managed to join the project from Dubai strategically is the leading artificial intelligence ecosystem/studio – <a href="https://www.merantix.com/">Studio Merantix AG</a>. The venture involves conceptualizing <a href="https://www.zawya.com/en/press-release/companies-news/hh-sheikh-rashid-bin-ahmed-al-maktoums-ram-investment-announces-ai-city-dubai-vision-vv3oi8dc">AI City</a>, a unique zone in Dubai that will implement pioneering artificial intelligence solutions. This project will become a global AI hub driven by a smart city infrastructure that connects research institutions and talents with leading domestic and international startups, corporations, and investors. It will house innovation labs, research institutes, and related companies – all together demonstrating the positive impact of artificial intelligence. Another company included in the work at the beginning of the year is the Hungarian <a href="https://genevation.eu/">Genevation Aircraft Kft</a>. This innovative company has started a unique project in the field of drone development.Participation in the UAE industrial strategy ‘Operation 300 billion’ not only provides companies with the opportunity to realize potential earnings and further establish themselves in the provision of services, but they can directly participate in a leading, innovative project that intends to push the boundaries of technology on a global scale.<blockquote>Companies interested in applying for the Dubai economic development program can inquire to office@sog.rs.</blockquote>

Sheikh Rashid Bin Ahmed Al Maktoum, a member of Dubai’s ruling family, announced that he would offer cooperation opportunities for companies in Central and South Eastern Europe to participate in the national development program called ‘Operation 300 billion’. In March 2021, the UAE launched its 10-year comprehensive strategy to make industry the engine of a sustainable national economy. With this strategy, the Emirates plan to position itself as a global industrial hub by 2031 and to reach 300 billion dirhams (81.7 billion USD) of the gross national product from the current 133 billion dirhams (36.2 billion USD).

Call for Innovative Companies to Participate in the Dubai Economic Development Program

Data Protection

The new Personal Data Protection Act (hereinafter: “ZVOP-2”) was adopted by the National Assembly on 15 December 2022, published in the Official Gazette of the Republic of Slovenia on 27 December 2022 and entered into force on 26 January 2023. Slovenia is thus the last EU Member State to adopt national legislation on personal data protection, thereby regulating some of the matters that the General Data Protection Regulation (the “GDPR”) left to the Member States.The ZVOP-2 introduces some important new provisions, the most significant of which is that the Information Commissioner will be able to impose fines that are prescribed in Article 83 in the GDPR. At the same time, ZVOP-2 also made it possible to impose fines on responsible persons at the companies and individuals, which is not provided for in the GDPR. It is also important to note that ZVOP-2 provides in transitional provisions that minor offence proceedings initiated before the Information Commissioner or the courts prior to ZVOP-2 entering into force shall be concluded in accordance with the provisions of ZVOP-1, unless the provisions of ZVOP-2 are more lenient for the perpetrator. Inspection proceedings initiated under ZVOP-1 shall continue in accordance with ZVOP-2.ZVOP-2 also regulates areas that are not covered by the GDPR or not covered in sufficient detail. ZVOP-2 thus introduces the following new features: <ul><li>in the area of video surveillance, the retention period for recordings has changed to a maximum of 1 year and the video surveillance notice will have to contain all the information provisioned in Article 13 of the GDPR (companies will be able to include on the notice a link to a website containing this information, instead of having it on the notice itself);</li><li>data processing logs, are to be kept in case of (i) extensive processing of special categories of personal data, (ii) regular and systematic monitoring of individuals, or (iii) where an impact assessment has identified a risk that can be effectively managed through the keeping of a processing log, or (iv) where the law so provides (the obligation to keep processing logs with the provisions of the ZVOP-2, shall be necessary within 2 years of its entry into force, i.e. by 26 January 2025);</li><li>the individual may seek judicial protection of his or her rights throughout the duration of the infringement, without first exercising rights under other provisions of the ZVOP-2 or resorting to other legal remedies and the decision is taken by an administrative court under the Administrative Dispute Act, where the individual may also include a claim for damages in his or her lawsuit;</li><li>after 20 years from the death of the individual, his or her data will no longer be protected as personal data;</li><li>the list of third countries referred to in Article 66 of ZVOP-1, i.e. the list of countries which the Information Commissioner has found to have an adequate level of protection of personal data or not, either fully or partially has been amended, i.e. it has been repealed with the entry into force of ZVOP-2, which means that another legal basis will have to be found for the export of personal data to countries that have been identified on this list as having an adequate level of protection of personal data;</li></ul> ZVOP-2 also introduces other changes, including in the areas of biometrics, linking filing systems, public registers and research purposes.At this point, it is important to stress that the provisions of GDPR are still applicable and used directly, and ZVOP-2 can be considered as an amendment to the GDPR, as it introduces additional requirements for compliance when processing personal data. Companies that have already been following the provisions under the GDPR and the guidance of the Information Commissioner will be able to adapt their business operations quite quickly and swiftly.

The new Personal Data Protection Act (hereinafter: “ZVOP-2”) was adopted by the National Assembly on 15 December 2022, published in the Official Gazette of the Republic of Slovenia on 27 December 2022 and entered into force on 26 January 2023. Slovenia is thus the last EU Member State to adopt national legislation on personal data protection, thereby regulating some of the matters that the General Data Protection Regulation (the “GDPR”) left to the Member States.

Personal Data Protection Act

One of the long-debated domestic themes is non-existence of retail NPL market in Serbia. Following the 2008 World Economic Crisis in Serbia, the country managed to regulate corporate NPL market, and to decrease NPL level from 20% to 3,19 %.However, retail NPL market remained a taboo. There are several reasons for this and the main one is that the general public fears that regulating retail NPL (“RNPL”) market would legalize debt slavery.Stil, the true is quite different. Instead of establishing RNPL market, the NPL companies mostly offer side services to the banks on debt collection, whereas the real effects of such services is de facto purchase of RNPL.Having this in mind, and that Serbian law completely lacks regulation of personal insolvency (as well as entrepreneur’s insolvency), this creates close to a debt slavery situation for many citizens that defaulted, and brings into jeopardy many more. When we take in consideration the current crisis, inflation, which includes sharp increase of interest rates, Serbian society could enter the dark ages.On the other hand, the necessity to establish RNPL market could be beneficial for all parties: (i) the banks could release large amount of reserves with the National Bank of Serbia (“NBS”) and invest them further, (ii) the state could improve its legislation through introducing a personal insolvency, which could be further used to improve social service offices, and (iii) the citizens in distress could be offered with a fresh start and assistance from the social services to overcome the crisis. Even the NPL companies would benefit, as they would be doing their business in much better environment for investing into RNPLs.Social service is in its decades long neglection period, and should be re-established as an institution that should also assist debtors to overcome their personal debt crisis via well-educated and skilled insolvency administrators (counsels).At the end, establishing solid system of personal insolvency on the one side and RNPL market on the other, could boost economic growth.This text was published for the Winter-Spring 2023 issue of the <a href="https://www.executive-global.com/">Executive Global Magazine</a>. It is for informational purposes only and should not be considered legal advice. Should you require any additional information, feel free to contact us.Contact:Ivan Nikolić, Senior Associate ivan.nikolic@sog.rs

One of the long-debated domestic themes is non-existence of retail NPL market in Serbia. Following the 2008 World Economic Crisis in Serbia, the country managed to regulate corporate NPL market, and to decrease NPL level from 20% to 3,19 %. However, retail NPL market remained a taboo. There are several reasons for this and the main one is that the general public fears that regulating retail NPL (“RNPL”) market would legalize debt slavery.

Retail NPLs in Serbia – Slowly Suffocating the Banks and the Citizens

Energy

Ministry of Mining and Energy published on 21st January, long awaited draft of the Amendments to the Renewable Energy Sources Act (RESA) with purpose to push forward further investments in RES sector by creating better legal framework for development of new projects.Initial adoption of the RESA was welcomed by the investors with high enthusiasm, skyrocketing the number of requests for securing connection to the transmission grid to 17,000 MW of new capacities (in comparison total installed capacity of Republic of Serbia at the moment is 8,000 MW) which led in the end to the suspension of all new procedures by EMS.The main argument for this was that number of requests has led to the endangerment of the stability of transmission system of Republic of Serbia, as well position of guarantee producer EPS due to several very controversial solutions of the RESA including obligation of the EPS to bear the balance responsibility in full for all renewable energy producers, and right to priority access to transmission/distribution system for each renewable energy producers.This initiated the discussion between key stakeholders Ministry of Mining and Energy, EMS and EPS which led to the draft of the proposed amendments.The public debate will be opened until 9th February, and all interested parties can provide their suggestions to the Ministry of Mining and Energy on the e-mail <a href="mailto:oie@mre.gov.rs">oie@mre.gov.rs</a>. Most important changes to the RESA include:<ol start="1"><li>EPS (guaranteed supplier) will bear balance responsibility only for the RES power plants with incentives</li></ol>The biggest change introduced by the Amendments to RESA is that EPS will bear balancing responsibility only for the power plants which receives incentives in form of market premium and feed in tariffs. Other producers will have to regulated their balance responsibility in accordance with the Energy Act and operating rules of electricity market.Market Premium users will pay for balancing services to EPS a percentage of the offered price per produced MWh.<ol start="2"><li>Organization of Auctions</li></ol>Ministry of Energy will be now in charge with determining the maximum price for the auctions and feed in tariffs per MWh instead of Energy Agency of the Republic of Serbia. The idea is to centralize the auctions process in one authority instead of two for the sake of efficiency.<ol start="3"><li>Priority Access to Transmission/Distribution/Closed Distribution System compiling a ranking list and filling the quota</li></ol>Priority access to the transmission, distribution and closed distribution system is now limited only for small power plants up to 400 kW for the beginning, and from 1st January 2026 up to 200 kW. This was implemented to harmonize RESA with EU standards for priority access.<ol start="4"><li>Request for additional capacities</li></ol>Most controversial provision of the proposed amendments act is right of the EMS to request from the developers to secure additional capacities on the territory of Republic of Serbia capable to provide system services of regulation of frequencies and power exchange, as precondition for connection of power plant to the transmission system. EMS can request additional capacities in the event if it estimates that connection of the new RES power plant could endanger functioning of electro-energy system of Republic of Serbia, and includes conventional sources, and batteries.<ol start="5"><li>Limitation of prosumers to 10MW of capacity</li></ol>Considering the number of transmission connection requests, the Ministry of Energy and Mining has decided to propose limiting prosumers to the distribution grid exclusively, hence stipulating that maximum installed power of prosumer is 10MW.This text is for informational purposes only and should not be considered legal advice. Should you require any additional information, feel free to contact us.Contact:Nemanja Providžalo, Senior Associate <a href="mailto:milan.samardzic@sog.rs">nemanja.providzalo@sog.rs</a>

Ministry of Mining and Energy published on 21st January, long awaited draft of the Amendments to the Renewable Energy Sources Act (RESA) with purpose to push forward further investments in RES sector by creating better legal framework for development of new projects.
Initial adoption of the RESA was welcomed by the investors with high enthusiasm, skyrocketing the number of requests for securing connection to the transmission grid to 17,000 MW of new capacities (in comparison total installed capacity of Republic of Serbia at the moment is 8,000 MW) which led in the end to the suspension of all new procedures by EMS.

A New Hope for Renewables

The European Union has set ambitious targets for the development of renewable energy sources, aiming to reach 32% of total energy consumption by 2030. Furthermore, energy from from renewable sources can reduce the EU’s demand for fossil fuels and thanks to their low operational costs, more renewables in the EU’s energy system can lower energy prices. To achieve this goal, a significant increase in the deployment of renewable energy projects is necessary. However, the permit-granting process for these projects can be lengthy and complex, often involving multiple agencies and levels of government.To address this issue, the European Council has adopted a regulation establishing a temporary framework to accelerate the permit-granting process for renewable energy projects. The regulation applies to all EU member states and covers a wide range of renewable energy technologies, including solar, wind, geothermal, and hydropower.Maximum deadlinesUnder the temporary framework established by the Council Regulation, member states are required to ensure that the permit granting process for renewable energy projects is completed within certain time limits. These maximum time limits are as follows:<ul><li>a deadline of one monthfor the installation of heat pumps below 50MW and three months in case of ground source heat pumps;</li><li>a deadline of three months permit-granting process for the installation of solar energy equipment and co-located energy storage assets,</li><li>a deadline of six monthsfor the permit-granting process for repowering projects including all relevant environmental assessments. Where repowering results in an increase of up to 15 % in the capacity of the power plant, grid connections will be permitted within three months.</li></ul>Presumption of overriding public interestThe planning, construction and operation of plants and installations for the production of energy from renewable sources, and their connection to the grid, the related grid itself and storage assets is presumed to be in the overriding public interest and serving public health and safety when balancing legal interests in the individual case.Projects which are recognised as being of overriding public interest are given priority when balancing legal interests in the individual case during the planning and permit-granting process, the construction and operation of plants and installations for the production of energy from renewable sources and the related grid infrastructure development are given priority when balancing legal interests in the individual case.The regulation is valid for a period of 18 months from its entry into force.Overall, the regulation represent  a positive step towards meeting the EU’s renewable energy targets and supporting the transition to a low-carbon economy. It will help to remove barriers to the development of renewable energy projects, encourage the growth of this important sector and hopfully soone have an impact on the market energy prices.

The European Union has set ambitious targets for the development of renewable energy sources, aiming to reach 32% of total energy consumption by 2030. Furthermore, energy from renewable sources can reduce the EU’s demand for fossil fuels and thanks to their low operational costs, more renewables in the EU’s energy system can lower energy prices. To achieve this goal, a significant increase in the deployment of renewable energy projects is necessary.

Council Regulation (EU) 2022/2577 – introducing a new temporary emergency regulation to accelerate the permit-granting process and the deployment of renewable energy projects

At the end of 2021, the total number of active banks in the Serbian market was 23. The consolidation trend continued and financial results on the sector level in 2021 indicate the same trend for the next years.Total assets on a sector level on 31 December 2021 were EUR 42.9bn. The concentration is increasing. The top 10 banks have assets of EUR 36.4bn, which is 84.8% of the total assets. The top 5 banks have assets of EUR 24.4bn, which is 56.9% of the total assets in the Serbian banking sector.

The number of systematically important banks, meaning banks that participate with at least 5% of the total assets is 9.A very similar situation is on the deposit side, hence top 10 banks participate with 85.5% of the total deposit level on a sector level.In terms of size measured by the number of employees, over 2000 employees on 31 December 2021, have: Intesa (3059), OTP (2916), Komercijalna (2350), and Postanska (2557). This data is mostly in close correlation with the number of branches. Over 100 branches have the following banks: Intesa (178), Komercijalna (206), and Postanska (236).Only the top 9 banks by assets on 31 December 2021 realized net interest income above EUR 50.

Regarding profits on 31 December 2021, the results for the top 10 are the following.

The situation here is the most extreme because only one of the banks below the top 10 by assets made a profit above EUR 10m. The total profit for the top 10 banks made EUR 417.9m, which is 91.2% of the total sector in 2021.The profitability of the whole sector analyzed through the ROAE ratio is as follows.

As we can see 12 banks has this ratio above 5%, and 5 banks have 10% or more.When it comes to CIR (cost/income) ratio, the status among the top 10 is very different.

The years 2021 and 2022 are still significantly marked by M&amp;A activities. Some of the processes have come to an end, and some are still ongoing. After acquiring Vojvodjanska bank, Hungarian OTP subsequently acquired the Serbian branch of the Societe Generale Bank. On 1st July 2021, the state-owned Banka Poštanska štedionica concluded the acquisition of MTS Banka. In April 2022 the merger of the Komercijalna bank and the Slovenian NLB bank took place. One more french banking group abandoned the Serbian market. Raiffeisen acquired in April 2022 the Serbian branch of Credit Agricole banking group. Eurobank and Direktna bank merged into one bank in December 2021. Russian Sberbank sold its branch to the Serbian AIK bank in March 2022.Currently, at least 3 banks in Serbia are up for sale. The exit of the 2 global banking groups already happened. A huge part of the market is now in the hands of the regional banking groups NLB and OTP, while Austria and Italy still traditionally keep their significant influence on the market. There are 2 Serbian banks among the top 10. The state still has the opportunity to support and develop Postanska bank, while AIK bank confidently keeps its momentum and position.This text is for informational purposes only and should not be considered legal advice. Should you require any additional information, feel free to contact us.Contact:Miloš Velimirović , Managing Partner <a href="mailto:milos.velimirovic@sog.rs">milos.velimirovic@sog.rs</a>

At the end of 2021, the total number of active banks in the Serbian market was 23. The consolidation trend continued and financial results on the sector level in 2021 indicate the same trend for the next years. Total assets on a sector level on 31 December 2021 were EUR 42.9bn. The concentration is increasing. The top 10 banks have assets of EUR 36.4bn, which is 84.8% of the total assets. The top 5 banks have assets of EUR 24.4bn, which is 56.9% of the total assets in the Serbian banking sector.