PPF Group to acquire Serbia-based Telenor Banka
PPF Group announces that it will acquire a 100% stake in Serbia-based Telenor Banka from Telenor Group, subject to obtaining the relevant regulatory approvals. The transaction is a natural follow up of the acquisition of Telenor Group’s telecommunications assets in Central and Eastern Europe, specifically in Hungary, Bulgaria, Serbia and Montenegro.
Telenor Banka became a member of Telenor Group in 2013, after the group acquired it from KBC Bank Serbia. In September 2014, it was renamed Telenor Banka. The bank specialises in innovative online financial services; it was the first bank in Serbia to introduce mobile and online banking. Telenor Banka provides its services primarily to Telenor clients; currently, its portfolio includes more than 390,000 clients. In terms of assets, the bank is in the second half of the twenty largest banks operating on the Serbian market; at the end of 2017, the bank had assets under management worth EUR 126 million.
The transaction is subject to approval by the National Bank of Serbia and relevant antitrust authorities.