PPF Group has completed the process of acquiring 100 percent ownership stake in Telenor Bank from the Telenor Group, as it previously received the necessary regulatory approval from the National Bank of Serbia.
“Transaction represents a natural move forward of the PPF Group on the Serbian market, following last year’s acquisition of Telenor’s telecommunication companies in Central East Europe, precisely in Hungary, Bulgaria, Serbia and Montenegro,” the statement says.
Telenor Bank has been a part of Telenor Group since 2013, following acquisition of KBC Bank in Serbia. The bank changed its name to Telenor Bank in September 2014.
It specializes in providing innovative online financial services and is the first fully mobile and online bank in Serbia. Telenor Bank primarily provides its services to Telenor customers. Currently it has more than 400,000 clients and at the end of 2018, the bank managed assets worth EUR135 million.