The financial conclusion of the transaction of OTP Bank Montenegro successfully completed

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On July 16, 2019 OTP Bank successfully completed another financial transaction and thus became the 90.56% owner of Societe Generale Bank Montenegro a.d. which is Montenegrin subsidiary of Societe Generale Group.

The majority stake was signed on February 28, 2019, between Societe Generale Group and Montenegrin Commercial Bank (CKB), a Montenegrin subsidiary of OTP Group. With a market share of 11.9% at the end of March of the current year, Societe Generale Bank Montenegro a.d. is the third largest bank in the Montenegrin banking market and as a universal bank has been active both in the segment of retail business and in the segment of business with the economy. As a result of this latest acquisition, OTP Group will further strengthen its market position. The completion of the integration process is expected in 2020.

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