The interim administrator of Atlas banka AD Podgorica has launched a public call for its €22 million recapitalization, inviting investors that are not existing shareholders of the bank to subscribe for new shares.
The Montenegro-based bank, whose existing shareholders failed to provide the required capital boost, plans to issue 88,710 shares with a par value of €248 apiece, and investors will have 20 days to purchase the shares, starting from March 11. The issue will be considered successful if the entire share issue is subscribed and paid for within the deadline, Atlas Banka said March 9.
Montenegro's central bank placed Atlas Banka and its sister unit Invest Banka into temporary administration in December 2018, after an audit showed that the two lenders' capital did not meet minimum risk requirements. Invest Banka's license was revoked in January 2019.