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Montenegro's First Financial Bank raises capital

Montenegro's First Financial Bank raises capital

PODGORICA (Montenegro), May 13 (SeeNews) – Montenegro's First Financial Bank said on Tuesday that it has raised its capital by 1.5 million euro ($2.0 million) through a recapitalization by its majority owner, Podgorica-based Sigma Delta Holdings.

The recapitalization process was officially completed on April 28, the bank said in a statement sent to SeeNews.

In March, First Financial Bank’s shareholders adopted a decision to raise its capital by 2.0 million euro through an offering comprising 2,000,000 shares with par value of 1.0 euro apiece.

First Financial Bank was set up in 2007.

($=0.7333 euro)