Montenegrin Commercial Bank (CKB), the Montenegrin branch of OTP bank, has signed a contract for the purchase of 90.56 percent of the share capital of Société General Bank Montenegro for 40.46 million euros. "The agreed price for the purchase of 90.56 percent of the share capital of the Montenegrin subsidiary of the Société General Group amounts to EUR 40.46 million. The purchase price per share amounts to EUR 461.81," as stated by the OTP Bank.
With a market share of 11.5%, Société General Bank Montenegro is the fourth largest bank in the Montenegrin market and as a universal bank is equally active in the segment of citizens and enterprises.
"The realization of a financial transaction is expected in the coming months, depending on the required regulatory approval," the statement said.
Société General: Agreement subject to the approval of the competent banking, antimonopoly and market regulators
Société General Group signed a contract on the sale of shares of Montenegrin branch to the Montenegrin Commercial Bank (CKB), i.e. the OTP group, conditioned by the approval of the competent banking, antimonopoly and market regulators.
Société General Bank of Montenegro has announced that the closing of the transaction should take place in the coming months. "In the coming months, Société General Group and OTP Group will work together to provide the necessary approvals," the statement said.
Société General Bank Montenegro will continue to service the population and corporate clients with a high level of quality and commitment while preparing a smooth transition for clients while ensuring the stability of their relationship with the bank.
"Société General Bank Montenegro will be part of the cooperation agreement signed between Société General and OTP bank, which includes the provision of mutual services in different areas, including but not limited to investment banking, capital markets, cash and liquidity financing," as explained from the bank.
The bank concluded that Albania, Bulgaria, Croatia, Hungary, Moldova, and Serbia would soon join the agreement on these services.
Text by MINA Business, on February 28th, 2019, read more at Vijesti
