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BELGRADE (Serbia), June 18 (SeeNews) - Norway's Telenor Group said it has entered into an agreement to sell 100% of Serbia-based Telenor Banka to Czech-based investment group PPF Group.
The acquisition of Telenor Banka by the PPF Group is subject to approval by the National Bank of Serbia, the Serbian Competition Authority and the Montenegrin Competition Agency, Telenor said in a statement published on the website of its bank on Friday.
In 2013, Telenor acquired 100% of KBC Banka in Serbia. A year later, it launched Telenor Banka as the first mobile and online bank in Serbia. After almost four years of operation, Telenor Banka has more than 390,000 customers.
PPF Group operates in 22 countries across three continents and is the largest private investment group in Central and Eastern Europe (CEE). It invests into multiple market segments such as banking and financial services, telecommunications, biotechnology, insurance, real estate, mining and agriculture.
In March, Telenor said it has agreed to sell its assets in CEE to PPF for 2.8 billion euro ($3.24 billion) on an enterprise value basis. The transaction includes Telenor's wholly-owned mobile operations in Hungary, Bulgaria, Montenegro and Serbia.
A month earlier Sweden-based entertainment company Modern Times Group (MTG) said it has signed an agreement to sell its 95% stake in Bulgaria's Nova Broadcasting Group to PPF, as the transaction values 100% of Nova Broadcasting Group at 185 million euro.