Crnogorska Komercijalna Banka a.d. (CKB), the Montenegrin subsidiary of OTP Bank, signed an acquisition agreement on purchasing 90.56 per cent shareholding of the Montenegrin Societe Generale a.d. (SGM), OTP Bank Plc. announced.
“The agreed purchase price for 90.56 per cent shareholding of Societe Generale Banka Montenegro amounts to EUR 40,455, 538. The purchase price per share is EUR 461.81,” OTP added.
With a market share of 11.5 per cent, SGM has been the 4th largest bank in the Montenegrin banking market and as a universal bank it has been active in the retail and corporate segment as well.
“The financial closure of the transaction is expected in the coming months subject to obtaining all the necessary regulatory approvals,” OTP Bank concluded.
