Hungary-based OTP Bank has agreed to acquire 90.56% stake in Societe Generale Bank Montenegro, which is the Montenegrin subsidiary of Societe Generale Group.
Image: OTP Bank in Andrássy Avenue, Budapest, Hungary. Photo: courtesy of Derzsi Elekes Andor.
Societe Generale Montenegro will be part of the cooperation agreement signed between Societe Generale and OTP Bank that encompass the provision of mutual services in various fields (including, but not limited to investment banking, capital markets, financing cash and liquidity management).
OTP Bank’s Montenegrin subsidiary Crnogorska komercijalna banka has signed an agreement with French bank to acquire the interest in SGM for an undisclosed sum.
SGM is claimed to be fourth largest bank on the Montenegrin banking market with a market share of 11.5%. The bank is also active in the retail and corporate segment, as a universal bank.
Subject to receipt of clearances from the relevant banking, antitrust and market authorities, the deal is expected to be completed in the coming months.
Societe Generale Group and OTP Group will work together to secure all the authorizations required, over the coming months.
Societe Generale Bank Montenegro is said to continue to serve all retail and corporate clients with the same high standards and commitment while preparing for a smooth transition for clients and assuring the stability of their relathionship with the bank.
Societe Generale Montenegro will be part of the cooperation agreement signed between Societe Generale and OTP Bank, which includes provision of mutual services in various fields.
The services agreement covers the countries such as Albania, Bulgaria, Croatia, Hungary, Moldova and Serbia.
Societe Generale Montenegro is a modern financial institution, which offers a range of banking services via its branch network to individuals and legal entities.
Societe Generale Montenegro operates 20 branches, of which seven are located in Podgorica and others are situated in Danilovgrad, Cetinje, Ulcinj, Bar, Budva, Kotor, Tivat, Igalo, Niksić, Kolašin, Bijelo Polje, Berane and Rožaje.
Societe Generale is a major European financial services group, which employs around 145,000 employees and carries out operations in 66 countries. The group provides services to 31 million clients across the world on a daily basis.
The teams from the group offer advice and services to individual, corporate and institutional customers in three core businesses.
The businesses include retail banking in France, international retail banking, insurance and financial services to corporates, as well as corporate and investment banking, private banking, asset management and securities services.