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June 15, 2018 12:00 pm | FILED UNDER: business

Petr Kellner’s PPF Acquires Serbia’s Telenor Banka

By ČTK Petr Kellner

Prague, June 15 (CTK) – PPF group will acquire 100 percent in Serbia’s Telenor banka from Telenor group, the deal is part of acquisition of Telenor’s telecommunication assets in Central and Eastern Europe, namely in Hungary, Bulgaria, Montenegro and Serbia, PPF said in a press release today.

 

The transaction’s completion is subject to approval from the National Bank of Serbia and the relevant antimonopoly authorities.

 

Telenor banka is part of Telenor group which acquired the bank from KBC bank Serbia in 2013 and its name was changed to Telenor banka in September 2014.

 

The bank specialises in online financial services, it was the first bank in Serbia to introduce mobile and Internet banking.

 

Telenor banka provides services in particular to Telenor’s clients, it currently has over 390,000 clients. With its size, Telenor banka ranks among the second ten largest banks active on the Serbian market.

 

At the end of 2017, Telenor banka managed assets worth EUR126m (Kc3.24bn).

 

This year in March, PPF agreed with Norwegian company Telenor on the purchase of its telecommunication assets in Central and Eastern Europe.

 

PPF will pay EUR2.8bn (Kc71bn) for mobile operators in Hungary, Bulgaria, Montenegro and Serbia.

 

PPF group of entrepreneur Petr Kellner invests in banking and financial services, telecommunications, insurance, real estate, agriculture and biotechnologies. It is active in Europe, Russia, Asia and the USA. The group owns assets worth over EUR38bn.

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