In a significant move within Montenegro’s financial landscape, the construction and investment firm Zetagradnja, led by Blagota Radović, has acquired an additional 40 percent stake in Lovćen banka AD. This acquisition raises Zetagradnja’s total ownership to approximately 86.9 percent. The transaction, finalized in late February 2026, was executed on the Montenegro Stock Exchange and involved shares purchased from local small shareholders as well as international investors, including the German development finance institution DEG and the Belgian Incofin Microfinance Fund.
The shares were acquired at a price of €823 each, which is about 37 percent above recent market valuations. The total expenditure for this stake amounted to €16.8 million, enhancing Zetagradnja’s controlling interest in the bank.
Post-transaction, Zetagradnja now holds 86.88 percent of Lovćen banka’s share capital. The remaining shares are held by TIS Ivanjica, which owns 8.26 percent, and Sparkassen International Development Trust (SIDT), holding 4.85 percent.
Lovćen banka, established in 2014, has a network of 18 branches across Montenegro. For the period of January to September 2025, the bank reported a net profit of €3.5 million and had accumulated undistributed earnings of €12.6 million, indicating a robust financial performance prior to Zetagradnja’s recent investment.
Zetagradnja, founded in 1998, has primarily focused on real estate and infrastructure projects, including residential, commercial, and industrial developments. This latest acquisition marks a strategic shift as the firm becomes a significant stakeholder in the banking sector, reflecting ongoing trends of local capital reinvestment in Montenegrin financial institutions and positioning Zetagradnja as a key player in the future growth of Lovćen banka.
