Equity
Hungary Magyar Telekom sells CKB stake to OTP Bank
Telekom Montenegro (TCG), Magyar Telekom's Montenegrin subsidiary, has held an 11.5% stake in CKB, Montenegro's largest retail bank, since 1999.
“Given that this minority stake is related to a non-core activity, TCG has joined other shareholders of the bank in negotiations with a strategic investor, the Hungarian OTP Bank, and agreed to sell its stake," MTelekom said in a statement.
MTel estimated the closure of the deal to end-2006. The transaction is subject to approval by Hungarian and Montenegrin financial supervisory authorities and the Montenegrin competition authority.
“Given that this minority stake is related to a non-core activity, TCG has joined other shareholders of the bank in negotiations with a strategic investor, the Hungarian OTP Bank, and agreed to sell its stake," MTelekom said in a statement.
MTel estimated the closure of the deal to end-2006. The transaction is subject to approval by Hungarian and Montenegrin financial supervisory authorities and the Montenegrin competition authority.
