Montenegro's CKB completes integration of Podgoricka Banka

"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.

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)