Press conference on the ocasion of Banks' purchase by CKB held | Podgorička banka
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Press conference on the ocasion of Banks' purchase by CKB held

Crnogorska Komercijalna Banka officially announced the purchase of Societe Generale Montenegro

Podgorica, July 25, 2019 – Crnogorska Komercijalna Banka AD Podgorica, Member of OTP Group announced the completion of the procedure for the purchase of Societe Generale banka Montenegro, and the beginning of the integration process. The integration process of the two banks will result in creating the largest banking institution on the Montenegrin market by size of assets, number of branches and loan and deposit portfolio. Until the integration the two banks will operate as separate entities.

At today’s press conference held in Podgorica, high representatives of the Hungarian OTP Bank and Crnogorska Komercijalna Banka (CKB) announced the closure of a financial transaction thanks to which on 16th July 90,56% of Societe Generale banka Montenegro was transferred into the ownership of Crnogorska Komercijalna Banka. Societe Generale banka Montenegro changed its name into Podgorička banka member of OTP Group under which it will operate until its full integration with Crnogorska Komercijalna Banka. 

As planned, the integration of these two banks is expected to be completed in H2 2020. The Chairman and CEO of OTP Bank Dr. Sándor Csányi wished a warm welcome to Podgorička banka as a new member of the OTP Group: “Podgorička banka has been operating successfully for more than 100 years in Montenegro. It is one of the most successful banks in Montenegrin market, and it has become a very valuable member of OTP Group. With this transaction and merger, we confirm not only our long-term and serious commitment to the Montenegrin banking market but also demonstrate that OTP Bank has a solid foundation, it is well capitalized, has an outstanding liquidity, and the management is committed to strengthening regional presence“ stated Dr. Sándor Csányi, stressing that the acquisition of Podgorička banka is a significant step towards achieving OTP Group’s strategic goals.  

“Our acquisition strategy primarily focuses on markets with good growth prospects, and where it considers to be realistic to reach an optimal market size and capitalize on synergies. This event is an important milestone in the development of Crnogorska Komercijalna Banka in Montenegro. We work to ensure that the merger, which is expected to be finished during next year, has a positive outcome for the customers and employees of both banks. This not only implies easier access to branches, but also the further enhancement of the service quality” Dr. Sándor Csányi added, in relation to the financial closure of the transaction. 

Mr. Pál Kovács, CEO of CKB stated: “In the next few months, our main focus will be to maintain the highest level of service quality, while working with clients, and the successful implementation of the integration process. At present, in connection with the transfer, the customers of Podgorička banka do not need to do anything. Following the highest standards and combining the expertise of both institutions, we will continue to guarantee excellent client service, protection of clients’ funds and delivery of innovative products. We are committed to ensuring a smooth integration process and would like to assure that in the future all our clients will be timely notified about the key milestones related to the merger of both banks”.
 “This is a milestone acquisition deal not only for CKB but also for the whole Montenegrin banking market. But most importantly, with the merger of CKB and Podgoricka banka, the customers of the two banks are the ones that will benefit the most, thanks to the larger development and innovation potential of the larger size, branch and ATM network, and electronic banking channels. We want to keep the position of promoters and leaders in innovation and digitalisation, in order to satisfy our clients and to be a pioneer in new products and services in Montenegro, but also in the region of Central and Southeast Europe”. – Mr. Kovács pointed out.

From now on, Societe Generale banka Montenegro will operate under new-old name Podgorička banka with new logo. Crnogorska Komercijalna Banka keeps full name changing its logo. Now, two traditional Montenegrin brands will operate under new, modern, international corporate identity of OTP Group using the additional image power of the group.

After the merger of CKB and Podgorička banka the integrated bank will be the largest bank in Montenegro, based on the size of its ATM network and number of branches and loan and deposit portfolio. 

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