The State Financial Supervisory Authority (PSzÁF) said it approved OTP Bank Nyrt's purchase of a 100% stake of Montenegro's Crnogorska komercjalna banka (CKB).
The PSzÁF also approved OTP's acquisition, through the purchase of CKB, of indirect stakes of between 15%-33% in Centralna Depozitarna Agencija and between 33% and 50% in Drustvo za upravljanje inv. fondom "Moneta" ad.
OTP signed a contract to pay €105 million for CKB on August 29. Payment is expected to take place by year-end. CKB had total assets of €303.3 million at the end of last year, controlling 44% of Montenegro's banking market in terms of total assets. It is the country's leader on all market segments. It had net assets of €19.3 million at the end of last year and closed 2005 with after-tax profit of €3.03 million.
OTP expects CKB to be generating annual after-tax profits of €15 million by 2010.