PPF Group has acquired a 100% stake in Serbia-based Telenor Banka from Telenor Group, having obtained the necessary regulatory approval from National Bank of Serbia.
The transaction is natural follow up of the previous acquisition of Telenor Group’s telecommunications assets in Central and Eastern Europe, specifically in Hungary, Bulgaria, Serbia and Montenegro.
Telenor Banka became a member of Telenor Group in 2013, after the group acquired it from KBC Bank Serbia. In September 2014, it was renamed Telenor Banka. The bank specialises in innovative online financial services; it was the first fully mobile and online bank operating in Serbia. Telenor Banka provides its services primarily to Telenor clients; currently, its portfolio includes more than 400,000 clients. At the end of 2018, the bank had assets under management worth EUR 135 million.