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OTP reduces purchase price of SocGen Montenegro to adjust for dividend payout

Author Radomir Ralev
OTP reduces purchase price of SocGen Montenegro to adjust for dividend payout Source: European Fund for Southeast Europe

PODGORICA (Montenegro), July 5 (SeeNews) – Crnogorska Komercijalna Banka, the Montenegrin unit of Hungarian financial services group OTP, said it has reduced the price for the purchase of Societe Generale Banka Montenegro to 35.6 million euro ($40.1 million) from 40.5 million euro, it said.

The price was changed as a result of the May 15 decision of Societe Generale Banka Montenegro to distribute a dividend of 5.3 million euro for 2018, Crnogorska Komercijalna Banka said in a filing with the Montenegro Stock Exchange on Thursday.

The price reduction was agreed in an annex to the sale and purchase contract signed with Societe Generale on July 3, Crnogorska Komercijalna Banka said.

In February, OTP agreed to acquire a 90.56% 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.

The transaction has already been approved by Montenegro's central bank and the country's competition regulator.

($ = 0.887741 euro)

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