Podgorica, (MINA-BUSINESS) – The Central Bank (CBCG) has approved the acquisition of Societe Generale banka Montenegro by Crnogorska komercijalna banka (CKB).
“The CBCG has granted an approval to CKB for acquiring qualified participation in the share capital of Societe Generale,” the CBCG says in a press release.
The press release says that the CKB submitted to the Central Bank of Montenegro a request for granting an approval to acquire qualified participation of 90.56 percent in the share capital of Societe Generale Bank Montenegro.
“Based on the submitted documentation, together with additionally provided information and data, as well as the approval of the Agency for Protection of Competition, it has been established that the prescribed conditions for granting an approval for acquiring qualified participation from Article 11 of the Banking Law have been met and that there are no obstacles to grant this approval in line with Article 12 of the Banking Law,” the press release says.
In late February, CKB signed an acquisition agreement for a 90.56 percent stake in Societe Generale for €40.46 million.
The bank says that the purchase price is €461.81 per share. Longer version of article is available on a link MINA ENGLISH SERVIS
