Central Bank has given approval: Montenegrin Commercial Bank can take over SGM


Central Bank of Montenegro has approved merging of the Montenegrin Commercial Bank and Societe Genrale Bank (SGM).

“Montenegrin Commercial Bank submitted a request to the Central Bank of Montenegro on 27 March this year for issuing approval for the acquisition of qualified interest of 90,5578% in the share capital of the SGM”, said the representatives of the CB.

On the basis of the submitted documentation and additionally delivered information and data, as well as the approval of the Agency for Protection of Competition, it has been established that all the legal requirements have been met.

“In that context, CB issued an approval for acquisition of qualified interest in the share capital of SGM”, reads the notice of the CB.

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