PODGORICA (Montenegro), July 11 (SeeNews) – Hungarian banking group OTP said it has subscribed a 45 million euro ($50.7 million) capital increase of its Montenegrin unit Crnogorska Komercijalna Banka.
The registered capital of the Montenegrin subsidiary of OTP was increased to 181,875,220 euro from 136,875,398 euro, the Hungarian banking group said in a statement on Wednesday.
You can subscribe to our M&A newsletter here
The capital hike was registered by the Montenegrin court.
In February, OTP agreed to acquire a 90.56% stake in Societe Generale Banka Montenegro, the country's fourth-largest lender, via Crnogorska Komercijalna Banka.
Earlier this month, Crnogorska Komercijalna Banka said it has reduced the price for the purchase of Societe Generale Banka Montenegro to 35.6 million euro from 40.5 million euro, as a result of the May 15 decision of Societe Generale Banka Montenegro to distribute a dividend of 5.3 million euro for 2018. The transaction has already been approved by Montenegro's central bank and the country's competition regulator.
($ = 0.886994 euro)
Crnogorska Komercijalna Banka A.D. is among the biggest banks in SEE. You can download our SEE Top 100 ranking
here or subscribe to our free Top 100 newsletter
here