02 March 2019 - As previously reported by TMN, Sociate Generale Group has signed an agreement for the sale of a stake in its Montenegrin subsidiary to Crnogorska komercijalna banka (CKB), i.e. OTP Group, subject to receipt of clearances from the relevant banking, antitrust and market authorities.
After submission of a request for an acquisition agreement by Crnogorska komercijalna banka (CKB) and Societe Generale bank Montenegro, the Central Bank (CBCG) will collect all relevant information and decide if the conditions have been met to approve this process.
“In compliance with its competencies, the CBCG will collect all relevant information in a formal decision making procedure, on the basis of which it will decide if the required conditions have been met for the approval of this merger, and what will be the impact of that transaction on the rest of the banking market,” the CBCG says in a press release.
The press release says that Chief Executive Officer of CKB informed the CBCG in mid-February about the plans of this financial company to acquire a 90.56 percent stake in Societe Generale banka Montenegro.
“However, the CBCG has not been informed about the concrete elements of the acquisition agreement concluded between these two companies,” the press release says.
Crnogorska komercijalna banka (CKB), the Montenegrin subsidiary of OTP Bank has signed an acquisition agreement on purchasing a 90.56 percent stake in Societe Generale banka Montenegro for €40.46 million.
The press release also says that Societe Generale banka Montenegro will continue to provide high-quality service to its retail and corporate clients, while preparing a smooth transition for its clients, ensuring the stability in their relations with the bank.
“Societe Generale Montenegro will be part of the cooperation agreement signed between Societe Generale and OTP Bank that encompass the provision of mutual services in various fields, including, but not limited to investment banking, capital markets, financing cash and liquidity management,” the bank says.
Source: MINA News Agency
