Agri Europe Cyprus has signed an agreement to purchase shares with the aim of acquiring 7,674,285 shares of Hipotekarna Banka A.D. Podgorica. This share package represents approximately 74.93% of the bank’s total share capital.
The agreed price is €9.77 per share. The final transfer of shares, expected to occur in the coming months, is subject to obtaining all necessary regulatory approvals from relevant institutions in the banking, anti-monopoly and capital markets sectors, as well as meeting other usual conditions for share sales.
Following the share transfer, Agri Europe Cyprus, in collaboration with current shareholders Mr. Miljan Todorović, Cerfin d.o.o. Podgorica, and CERERE SPA, will initiate a mandatory public offer for the acquisition in accordance with Montenegro’s capital market regulations.
“The acquisition of Hipotekarna Banka marks a significant step in the regional expansion of Agri Europe Cyprus Group. This strategic move underscores our commitment to providing top-tier financial solutions and enhancing the customer experience for both individual and corporate clients. By entering the third market in the region, we are demonstrating our dedication to building a stronger and more modern banking group, ready to meet the needs of our clients across the Adriatic region,” said Razvan Munteanu, Chairman of the Executive Board of Agri Europe Cyprus.
Agri Europe Cyprus is a leading financial holding company in Southeast Europe, with established financial institutions as subsidiaries: AIK Bank, AIK Leasing, and Eurobank Direct in Serbia, Gorenjska Banka and GB Leasing in Slovenia, and M&V Investment. The AEC Group is a growth-oriented banking group with over 3,000 employees providing a wide range of financial solutions and services to all customer segments. As of September 30, 2024, AEC’s portfolio includes €8.5 billion in assets, total net loans of approximately €5.9 billion, and a stable deposit portfolio valued at around €7 billion, with a strong capital base.
This acquisition will be AEC Group’s first investment in the fast-growing Montenegrin market. Hipotekarna Banka is recognized as a market leader in financial service innovations, digitalization, and catering to the needs of its clients in the standard, premium, and business segments.
