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Montenegro's c-bank clears sale of Societe Generale unit

Author Radomir Ralev
Montenegro's c-bank clears sale of Societe Generale unit Source: European Fund for Southeast Europe

PODGORICA (Montenegro), May 17 (SeeNews) – Montenegro's central bank has approved the acquisition of Societe Generale banka Montenegro by Crnogorska Komercijalna Banka, the local unit of Hungarian financial services group OTP, it said.

Crnogorska Komercijalna Banka applied for approval of the transaction on March 27 and has met the prescribed conditions for the purchase of Societe Generale Montenegro, the central bank said in a statement on Thursday.

The transaction has already been approved by Montenegro's competition regulator, the central bank said.

In February, OTP agreed to acquire a 90.56% in Societe Generale Montenegro - the country's fourth-largest lender. Societe Generale Montenegro will soon be part of the collaboration agreement which was signed between SG and OTP Bank that includes the provision of mutual services in various fields, such as investment banking, financing cash, capital markets and liquidity management, the Hungarian group said back then.

In Southeast Europe, OTP is also present in Bulgaria, Romania, Serbia and Croatia.