July 12 (SeeNews) - Serbian lender Komercijalna banka [BEL:KMBN] said it moved the headquarters of its Montenegrin subsidiary from Budva to the country's capital Podgorica.
The bank also changed the name of the subsidiary to Komercijalna Banka AD Podgorica from Komercijalna Banka AD Budva, Komercijalna banka said in a filing with the Montenegro Stock Exchange on Wednesday.
Last week, Komercijalna banka's CEO Vladimir Medan said the lender plans to launch a project for the expansion of its presence in Montenegro.
The Montenegrin unit of Komercijalna banka turned to a 757,000 euro ($884,000) profit in 2017 from 9.5 million euro loss in the previous year.
($ = 0.8564 euro)