Crnogorska Komercijalna banka, OTP Bank’s Montenegrin subsidiary, signed an agreement to acquire a controlling 90.56-percent stake in Societe Generale Group’s Montenegrin unit. The price of the deal is €40.46m or €461.81 per share. Societe Generale has an 11.5-percent market share in Montenegro, making it the fourth largest lender in the country. The transaction is expected to close in the coming months. This isn’t the first deal between France’s Societe Generale and Hungary’s OTP. Societe Generale recently agreed to sell its subsidiaries in Bulgaria, Moldova, Albania and Serbia to the Hungarian bank.
