PPF Group, a Czech investment firm, signed a contract with Telenor Group, the Norwegian telecoms giant, on the acquisition of 100% of the shares in Telenor Banka, the first online bank in Serbia.
The Karanović & Nikolić legal team – led by partner Miloš Jakovljević ⃰ and associates Sava Drača ⃰ and Marija Vićić ⃰, having previously advised PPF Group on the EUR 2.8 billion acquisition of Telenor’s assets in Central and Eastern Europe, is advising the Czech company once again in this transaction. Currently, the acquisition of Telenor Banka is subject to regulatory approval.
PPF Group is the largest private investment group in CEE. The company operates in 22 countries across three continents. PPF invests into multiple markets such as banking and financial services, insurance, telecommunications, biotechnology, real estate, mining and agriculture. The PPF Group owns assets exceeding EUR 38 billion.
Telenor Banka was the first bank in Serbia to introduce mobile and online banking and a member of Telenor Group in 2013, after the group acquired it from KBC Bank Serbia. Its portfolio includes more than 390,000 clients. At the end of 2017 the bank had assets under management worth EUR 126 million.
*Independent attorney at law in cooperation with Karanović & Nikolić.