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BELGRADE (Serbia), February 21 (SeeNews) - Czech-based investment group PPF has completed the acquisition of a 100% holding in Serbia-based Telenor Banka from Norway's Telenor Group, the lender said on Thursday.
The transaction is a natural follow-up on the previous acquisition of Telenor Group’s telecommunications assets in Central and Eastern Europe, specifically in Hungary, Bulgaria, Serbia and Montenegro by PPF, Telenor Banka said in a statement.
In July, PPF completed the acquisition of Telenor's telecommunications assets in Bulgaria, Hungary, Montenegro and Serbia for 2.8 billion euro on an enterprise value basis.
Telenor Group acquired Telenor Banka from KBC Bank Serbia in 2013. The bank specialises in innovative online financial services and was the first fully mobile and online bank operating in Serbia.
Telenor Banka provides its services primarily to Telenor clients. Currently, its portfolio includes more than 400,000 customers. At the end of 2018, the bank had under its management assets worth 135 million euro ($153 million).
PPF Group operates in 22 countries across three continents and is the largest private investment group in Central and Eastern Europe (CEE). It invests in multiple market segments such as banking and financial services, telecommunications, biotechnology, insurance, real estate, mining and agriculture.
($ = 0.8823 euro)