Podgorica – Hungarian OTP bank bought yesterday on Montenegro stock market 100% of stock shares of the Montenegrin commercial bank for 104 millions of euros. With that the purchase of the biggest Montenegrin bank, which started at the end of August, when the agreement with Hungarians was signed, has ended.
The entire transaction, the biggest in the banking sector and the biggest since the foundation of the stock markets in Montenegro, was done by through the mediating of Monte Adria broker. The Hungarians paid the stock shares of CKB per 2.959 euros, which 6 times more than the nominal value. It is estimated that that is the real value because the active of the CKB has come to 400 millions of euros.
The money on the account of the salesman, as it is announced from Monte adria broker, will be sent in Thursday after the settling the transaction. OTP has paid in the money in Montenegro on the account of Monte adria in Friday. CKB, with over 150.000 clients the number which it has in over 30 business units covers more than a half of the Montenegrin market. The bank was founded in 1997, and the biggest stock share holders until yesterday were the Netherlands development bank FMO with 22%, German fund DEG with 21, 7%, Podgorica’s Vektra with 15, 8%, Telekom of Montenegro with 11,4%, and Monte Nova with 9,2%. The rest of the about 20% of the ownership was concentrated on several persons and firms mostly founders of CKB.
From OTP they have already announced that the existing management of CKB, with the general director Milka Ljumovic at the head, will continue to lead CKB.
OTP at whose head is Sandor Canji, is the Hungarian commercial bank which as a national savings bank was founded in 1949. after its own privatization at the end of 90’s, OTP has started to purchase banks in the countries of the Central and East Europe, and until now it has spend more than a billion of euros.