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Telenor Serbia Buys Local Bank

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Telenor Serbia has announced that it is buying KBC Banka. Under the agreement, Telenor will buy the bank, while Societe Generale banka will acquire KBC Banka's portfolio of 81,000 customers.

Telenor said that the aquisition is to support its entry into the mobile money services market.

This agreement also met the KBC Group's agreement with the European Commission in 2009 to exit the Serbian market.

"Among 3 potential strategic options, we decided to acquire a bank, as this is a solution that best fits our strategy and enables the fastest go-to market approach. We strongly believe that mobile financial services will bring new attractive banking solutions to citizens of Serbia and we want to take an active role in this process," stated Ove Fredheim, CEO of Telenor Serbia.

In the transaction period, KBC will ensure the necessary staff levels are maintained to provide service and support to KBC Banka's customers during the transition process.

Financial terms for the deal are not being disclosed.

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Tags: telenor  Serbia