PPF Group to buy Telenor Banka in Serbia

PPF Group has agreed to buy Telenor Banka in Serbia from Norway’s Telenor Group. The acquisition is awaiting approval from the National Bank of Serbia, the Serbian Competition Authority and the Montenegrin Competition Agency. Telenor decided in March to sell its CEE assets to the Czech investment group for €2.8bn. This includes mobile operations in Serbia, Montenegro, Bulgaria and Hungary. In 2013, Telenor acquired KBC Banka and a year later launched Telenor Banka, the first online and mobile bank in Serbia. Telenor Banka currently has more than 390,000 customers. PPF is the largest investment group in the CEE region and operates in 22 countries on three continents. It invests in the financial, telecommunications, biotechnology, insurance, real estate, agriculture and mining sectors.