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OTP completes purchase of 90.6% stake in SocGen Montenegro

Author Radomir Ralev
OTP completes purchase of 90.6% stake in SocGen Montenegro Source: European Fund for Southeast Europe

PODGORICA (Montenegro), July 16 (SeeNews) – Crnogorska Komercijalna Banka, the Montenegrin unit of Hungarian financial services group OTP, has completed the acquisition of a 90.55% stake in Societe Generale Banka Montenegro for 35.6 million euro ($40 million), it said on Tuesday.

Crnogorska Komercijalna Banka purchased 87,602 shares in Societe Generale Banka Montenegro at a price of 406.72 euro apiece in a block deal on the Montenegro Stock Exchange, it said in a bourse filing.

The bank plans to soon launch a buyout offer for the 9.4% stake in Societe Generale Banka Montenegro it does not still own, Crnogorska Komercijalna Banka said.

Earlier this month, Crnogorska Komercijalna Banka said it reduced the price for Societe Generale Banka Montenegro to 35.6 million euro from 40.5 million euro as a result of the May 15 decision of Societe Generale Banka Montenegro to distribute a dividend of 5.3 million euro for 2018.

In February, OTP agreed to acquire a 90.6% stake in Societe Generale Banka Montenegro - the country's fourth-largest lender. Societe Generale Montenegro will soon be part of the collaboration agreement which was signed between Societe Generale 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.

($ = 0.8909 euro)

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