Abu Dhabi-based international conglomerate Royal Group is set to invest $5bn over the next three years to create a new bank in Serbia.

The Executive Board of National Bank of Serbia (NBS) gave the preliminary approval for the foundation of the bank last month.

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The bank will operate under the name of Miraban would operate under the rules applied in Serbia.

However, it is not clear when the bank will become operational and whether it will cater to investment or commercial clients.

The Governor of the National Bank of Serbia Jorgovanka Tabakovic told reporters that "their (Royal Group) plans are ambitious as they plan to invest five billion dollars over the next three years. However, they do not plan services for the population in the first two years.

"Their expectations are high, and ours are real. We will help them like all the other banks to adapt to this market and to make sure that the economy is the first to derive benefit from its operation," Tabakovic added.