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Dec 14, 2020 14:09 EEST
December 14 (SeeNews) - Montenegro's Crnogorska Komercijalna Banka (CKB), a unit of Hungarian financial services group OTP, successfully completed the integration of Podgoricka Banka on December 11, CKB said.
"At the day of the integration, Podgoricka Banka has ceased to exist as a business entity, so all its property, rights and obligations were transferred to CKB as its legal successor," CKB said in a filing with the Montenegro Stock Exchange on Friday.
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In July 2019, CKB completed the acquisition of a 90.55% stake in Societe Generale Banka Montenegro for 35.6 million euro ($43.3 million) and changed the name of the lender to Podgoricka Banka.
Back then, OTP said it plans to merge CKB and Podgoricka Banka into a single unit, which will become the largest bank in Montenegro in terms of the ATM network, the number of branches, and loan and deposit portfolios.
($ = 0.822828 euro)
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