Press Releases

Budapest, August 29, 2006 11:45

Magyar Telekom's subsidiary in Montenegro has sold its 11.5 percent portfolio held in CKB bank for around EUR 12 million.

Since 1999 Magyar Telekom's subsidiary in Montenegro, Telekom Montenegro (TCG), has held an 11.5 percent portfolio in CKB, the largest commercial bank in Montenegro. TCG and CKB's other owners started negotiations with a strategic investor, OTP Bank and on August 29 concluded an agreement on selling the 100 percent share package of the bank. Closure of the transaction, that requires approval of the Hungarian and Montenegrin financial supervision authorities and the Montenegrin competition authority, is expected around the end of 2006.