15 July 2019 - Crnogorska komercijalna Bank., the Montenegrin subsidiary of OTP Bank, purchased 87.602 shares (90,55%) of Societe Generale Bank Montenegro, at the Montenegro Stock Exchange, reported CdM.
“The total value of block transaction amounted to 35.629.692,37 euro, i.e., 406,72 euro per share,” Montenegro Stock Exchange said in a statement.
It is also announced that Crnogorska komercijalna Bank is going to offer redemption of its shares to all the remaining minority shareholders, in accordance with the law and secondary legislation.
The Central Bank of Montenegro approved the merger of Crnogorska komercijalna Bank and Societe Generale Montenegro Bank in May this year, and also by Competition Protection Agency.
On this occasion, it was stated that Montenegro’s Agency for the Protection of Competition has provided a positive opinion on the request for merging Crnogorska komercijalna Bank and Societe Generale Bank Montenegro, and forwarded it to the Central Bank of Montenegro. Central Bank of Montenegro later made the final decision on the request for merging based on collected data, while the opinion of the Agency for the Protection of Competition was also one of the conditions even though it is not mandatory.
With a market share of 11.5%, Société General Bank Montenegro was the fourth-largest bank in the Montenegrin market and as a universal bank was equally active in the segment of citizens and enterprises.
Until all the final steps are taken, 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.
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