August 10 (SeeNews) - Serbian online bank Telenor Banka said Bulgaria-based investment fund River Styxx Capital has signed an agreement to acquire 85% of its shares.
Under the agreement for strategic partnership, Norwegian telecommunications group Telenor will keep a 15% stake in the capital of Telenor Banka, the Serbian online bank said in a statement on Wednesday without disclosing any financial details.
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"The investment in Telenor Banka and the establishment of a commercial and equity partnership with Telenor is an unparalleled opportunity to enter the Serbian market, a market that continues to offer attractive growth prospects," the CEO of River Styxx Capital, Elvin Guri, said in the statement.
Telenor Banka shall continue to invest significant efforts and resources in maintaining its leadership as the only Internet-based, mobile-first bank in Southeastern Europe (SEE), Guri said.
"With more than 300,000 customers and growing, we have changed the way people do banking in Serbia. Strategic partnership with River Styxx Capital will support funding and further growth of our business. In the future, we will be focused on building new innovative services and growing our customer base," the president of Telenor Banka, Milos Brusin, said in the statement.
The completion of the transaction is subject to regulatory approvals in Serbia, Telenor Banka said.
Telenor established the online banking unit in September 2014 after setting foot in Serbia in 2006 by acquiring local company Mobi63.