OTP Bank is expanding in Montenegro
OTP Bank announced that Crnogorska komercijalna banka, the Montenegrin subsidiary of OTP Bank signed an acquisition agreement on purchasing the majority stake of Societe Generale banka Montenegro, the Montenegrin subsidiary of Societe Generale Group.
With a market share of 11.5%, SGM is the 4th largest bank on the Montenegrin banking market and as a universal bank it has been active in the retail and corporate segment as well.
As a result of this latest acquisitions our banking group will play a more decisive role throughout Europe but especially in the CEE region.
The financial closure of the Montenegrin transaction is expected in the coming months subject to obtaining all the necessary regulatory approvals.