PPF Group acquires 100% stake in Telenor Banka

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 a natural follow up to 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 specializes 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.

PPF Group invests into multiple market segments such as banking and financial services, telecommunications, mechanical engineering, biotechnology, insurance, real estate, and agriculture. PPF’s reach spans from Europe to Russia, the USA and across Asia. PPF's assets under management totaled to almost EUR 38 billion (as of June 30, 2018).

Telenor Group is a leading telecommunications company across Scandinavia and Asia with 174 million customers and annual sales of around USD 13 billion (2018). The company holds no. 1 or no. 2 positions in most of their markets. Connectivity has been Telenor’s domain for more than 160 years, and their purpose is to connect their customers to what matters most. Telenor Group is strongly committed to the Sustainable Development Goals, aiming to empower societies across the world. Telenor is listed on the Oslo Stock Exchange as TEL. More information can be found at www.telenor.com.

PPF a.s.

Yettel Bank ad Beograd

Narodna banka Srbije Beograd

PPF Group

Telenor Banka

Telenor Group

National Bank of Serbia

NBS

KBC Bank in Serbia