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PPF Group agrees to purchase Telenor's Serbian banking unit

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PPF Group agrees to purchase Telenor's Serbian banking unit

PPF Group NV agreed to acquire Serbia-based Telenor banka a.d. Beograd from Telenor ASA, the companies said June 15.

The transaction follows PPF's recent agreement to purchase Telenor Group's telecommunications assets in Hungary, Bulgaria, Serbia and Montenegro.

The transaction is subject to approval by the Serbian central bank, as well as competition regulators in Serbia and Montenegro.

The Serbian central bank in February refused to approve the acquisition of Telenor Banka by Bulgarian investment fund River Styxx Capital, which it said did not meet conditions defined by Serbian regulations. Telenor Banka serves primarily local Telenor customers, with more than 390,000 clients and assets under management of €126 million.