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SocGen eyes financing of infrastructure projects in Montenegro

Author Radomir Ralev
SocGen eyes financing of infrastructure projects in Montenegro Source: European Fund for Southeast Europe

PODGORICA (Montenegro), July 18 (SeeNews) – French financial group Societe Generale is interested in financing of infrastructure projects in Montenegro despite the sale of its local subsidiary to Hungary's OTP Group, the Montenegrin finance ministry has said.

During a meeting with representatives of Societe Generale in Paris, Montenegrin finance minister Darko Radunovic has discussed potential cooperation in the field of hedge investments, financing of infrastructure projects and issue of Eurobonds, the ministry said in a statement on Wednesday. 

Societe Generale intends to keep its presence on the Montenegrin market, the finance ministry said.

On Tuesday, Crnogorska Komercijalna Banka, the Montenegrin unit of Hungarian financial services group OTP, said it completed the acquisition of a 90.55% stake in Societe Generale Banka Montenegro for 35.6 million euro ($39.9 million). 

In February, OTP agreed to acquire a 90.6% 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.

($ = 0.891591 euro)

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