OTP Bank completes Montenegrin transaction

OTP Bank completes Montenegrin transaction

Based on the sales contract concluded on 28 February 2019 between OTP Bank’s Montenegrin subsidiary, Crnogorska komercijalna banka a.d. and Societe Generale banka Montenegro a.d, on 16 July 2019 the financial closure of the transaction was completed.

As a result of the transaction, Crnogorska komercijalna banka a.d. acquired a 90.56% stake in Societe Generale banka Montenegro a.d. (SGM), the Montenegrin subsidiary of the Societe Generale Group.

With a market share of 11.9% as at the end of March 2019, SGM is the 3rd largest bank of Montenegro. As a universal bank, it is active both in the retail and in the corporate segment.

With the acquisition, OTP Group will become an even stronger market operator in the country.

The integration is expected to be completed in 2020.