NBS refuses to give permission for acquisition of Telenor Bank

The Bulgarian fund River Styxx Capital will not become the owner of Telenor Bank as the National Bank of Serbia (NBS) has refused to issue the fund with the permission to acquire a majority share in the bank.

“The NBS did not give permission to the said fund to take over a majority share package in Telenor Bank, that is, it didn’t issue consent for acquiring an ownership in the bank, because it had determined from the submitted request and documentation that the company didn’t meet the conditions defined by the regulations of the Republic of Serbia”, the NBS said.

Telenor has confirmed that permission for a strategic partnership with River Styxx Capital in Telenor Bank, which entails the takeover of 85% of the bank’s shares, was not given.

“The strategic partnership with the River Styxx Capital fund is an important step, as we want to further develop the operations of Telenor Bank and the portfolio of the services we provide”, said Ingeborg Ofsthus, CEO of Telenor Serbia.

Elvin Guri, CEO of River Styxx Capital says that he will continue working towards making this investment happen.

“We believe deeply in the potential of Telenor Bank and we want to enter the Serbian banking market as a new investor. We will continue talking to state institutions, aiming to find the best solution. We are confident of the success of this partnership, and that it will bring new benefits to both the clients of Telenor Bank and the Serbian market”, Elvin Guri says.

Guri, a Bulgarian businessman originating from Albania, previously founded the non-banking institution JetFinance, which he later sold to the French group BNP Paribas. Before he turned entrepreneur, Guri worked for PricewaterhouseCoopers and the EBRD in Sofia and London.

(Vecernje Novosti, eKapija, 06.02.2018)



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