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Report: Serbian regulator denies approval for Telenor Banka sale

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Report: Serbian regulator denies approval for Telenor Banka sale

Bulgarian investment fund River Styxx Capital failed to secure the consent of the Serbian central bank to purchase an 85% stake in Telenor banka a.d. Beograd from Norwegian mobile operator Telenor ASA, Vecernje novosti reported Feb. 6.

The regulator told the Serbian daily that based on the submitted request and documentation it determined that the new investor does not meet conditions defined by Serbian regulations.

River Styxx Capital's head Elvin Guri reportedly said the company maintains its interest in the Serbian lender and that it would continue discussions with the relevant Serbian institutions to find the best solution.

Telenor agreed to sell a majority stake in the Serbian bank in August 2017, saying at the time that it would keep a 15% holding in the lender.