Telenor Bank sold to Bulgarian investment fund

Mobile telephony operator, Telenor confirms it has sold an 85% share in its own Telenor Bank to the Bulgarian investment fund, River Styxx Capital which marks the fund’s break into the Serbian market.

“Investing in Telenor Bank is an excellent opportunity for us to break into the attractive Serbian market. We are confident that we are going to continue developing and succeeding here, because our strategy will be based on consumer and financial expertise, Telenor’s competence in customer support and distribution, and the unique profile of Telenor Bank. The bank will continue to invest effort and resources into being the market leader, i.e. the first, completely mobile online bank in Southeast Europe”, Elvin Guri, the head of River Styxx Capital said.

CEO of Telenor Bank, Milos Brusin said that over 300,000 people had opened their current accounts with Telenor Bank. 

The River Styxx Capital investment fund was founded by the Bulgarian businessman from Albania, Elvin Guri, who is also the founder of JetFinance, a non-banking financial institution that he later sold to French banking group BNP Paribas. Before becoming an entrepreneur, Guri worked for PricewaterhouseCoopers and EBRD in Sofia and London. He is also a member of the Economic Council set up by the Albanian prime minister, and is known for his education projects in Bulgaria and Albania.

(Danas, 09.08.2017)     

This post is also available in: Italiano

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