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The financial closure of OTP Bank’s Montenegrin acquisition has been completed

OTP Bank announces that the financial closure of the transaction, based on the acquisition agreement on purchasing 90.56% shareholding of Societe Generale banka Montenegro a.d. („SGM”), the Montenegrin subsidiary of Societe Generale Group between Crnogorska komercijalna banka a.d., the Montenegrin subsidiary of OTP Bank and Societe Generale Group, has been completed on 16 July 2019.

 

The acquisition agreement between SG and CKB was signed on 28 February 2019.

 

With a market share of 11.9% as at the end of March 2019, SGM is the 3rd largest bank on the Montenegrin banking market and as a universal bank it has been active in the retail and corporate segment as well.

 

As a result of the acquisition OTP Group will further strengthen its market position.

 

The integration process is expected to be completed in 2020.