OTP to acquire Société Générale unit in Montenegro
OTP Bank on Thursday said its Montenegrin unit signed an agreement to acquire 90.56% of the local unit of Franceʼs Société Générale Group, marking the next step in the Hungarian bankʼs expansion in the SEE region, state news agency MTI reported.
Photo: Jessica Fejos
With a market share of 11.5%, Société Générale banka Montenegro is the fourth biggest bank in Montenegro.
OTP expects to close the transaction "in the coming months" pending regulatory approval.
OTPʼs Montenegrin bank, Crnogorska komercijalna banka, had total assets of just over HUF 228 billion at the end of September, OTPʼs latest earnings report shows.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.