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AFX News Limited : SocGen buys 64.44 pct of Montenegro's Podgoricka Banka for 14.2 mln eur

Published date: 26.10.2005 14:38 | Author: Kliping inostranih medija

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Societe Generale said it has acquired 64.44 pct of Podgoricka Banka from the Montenegrin government for 14.2 mln eur.

It has committed to buying a further 10 pct stake held by the International Finance Corporation, and has offered to buy out the bank's remaining shareholders. The transaction remains subject to approval by the country's central bank.

Podgoricka Banka is Montenegro's third largest bank in terms of assets, with a 13.3 pct market share.

SoCGen aims to double its credit portfolio, which is currently valued at 40 mln eur, over the coming three years, said a spokeswoman for the French bank.