PODGORICA (Montenegro), December 31 (SeeNews) – Montenegro’s Lovcen Banka [MNG:MFIK] has raised its capital by 2.2 million euro ($2.4 million) to 7.2 million euro in a debt-for-equity swap, a bourse filing indicated.
The company’s capital is now divided into 720,000 shares with par value of 10 euro each, the notice on the website of the Montenegro Stock Exchange showed on Wednesday.
Lovcen Banka, cleared to start operations by the country's central bank in May, emerged from Podgorica-based micro-credit institution MFI Kontakt, which had applied to be transformed into a bank and renamed. The bank was established by local businessmen jointly with German state-run investment and development fund, DEG, a subsidiary of KfW Bank.
The lender booked a net loss of 577,000 euro last year when its assets stood at 20 million euro, central bank data indicated.
($=0.92 euro)