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OTP completes SocGen Montenegro acquisition

Hungarian lender OTP Bank has officially acquired the Montenegrin unit of Société Générale (SocGen), business site tozsdeforum.hu reported. Crnogorska komercijalna banka, the Montenegrin unit of OTP, purchased SocGen Banka Montenegro for EUR 35.6 million.

The original asking price had been EUR 40.5 mln, but was changed as a result of the May 15 decision of SocGen Banka Montenegro to distribute a dividend of EUR 5.3 mln for 2018, Crnogorska komercijalna banka said in a filing with the Montenegro Stock Exchange.

The price reduction was agreed in an annex to the sale and purchase contract signed with Société Générale on July 3. OTP Bank said in February that its Montenegrin unit had signed an agreement to acquire 90.56% of the local unit of the French group. With a market share of 11.5%, SocGen Banka Montenegro is the fourth largest bank in Montenegro.

The transaction has already been approved by Montenegro’s central bank and the country’s competition regulator, tozsdeforum.hu noted.