July 25 (SeeNews) - Hungarian financial services group OTP plans to expand project financing activities on the Montenegrin market after the acquisition of Societe Generale Banka Montenegro, the governor of Montenegro's central bank, Radoje Zugic said on Thursday.
"The project financing announced by OTP, coupled with the continuous strengthening of Montenegro's banking system, will expand the economy and the fiscal sustainability and contribute to financial and macroeconomic stability," Zugic said, as quoted in a statement by Montenegro's central bank.
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The central bank also views positively OTP's plans to improve the quality of customer service, Zugic said during a meeting with the CEO of the Hungarian group, Sandor Csanyi, in Podgorica.
Last week, Crnogorska Komercijalna Banka, the Montenegrin unit of OTP, completed the acquisition of a 90.55% stake in Societe Generale Banka Montenegro for 35.6 million euro ($39.6 million).
The bank plans to soon launch a buyout offer for the 9.4% stake in Societe Generale Banka Montenegro it still does not own, Crnogorska Komercijalna Banka said back then.
($ = 0.8997 euro)
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