Karanovic & Partners in cooperation with local lawyers | View firm profile
Karanović
& Nikolić advised River Styxx Capital on the acquisition of Telenor Banka.
The companies signed an agreement by
which the Bulgaria-based investment fund will acquire 85% of Telenor's shares
in the Serbian online bank. Under this agreement of strategic partnership, the
Norwegian telecommunications group will keep 15% of its shares in Telenor Banka.
By investing into this partnership, River Styxx Capital entered
the Serbian market – which it sees as offering attractive growth prospects. The
company's vision is to provide accessible and convenient financial services for
the whole of Southeast Europe.
The Karanović & Nikolić team – led by Darko Jovanović, Ivan
Nonković and Mina Srecković, performed the due diligence
of Telenor Banka, as well as structuring of the transaction, drafting
and negotiating the transaction documents.
Telenor established
the online bank in Serbia in 2014. Telenor Banka signed more 300,000 customers
to use its services – which include current and savings accounts, cash loans
and credit cards. According to data from Serbia's
National Bank, it is the 25th largest bank in Serbia in terms of
assets.
The strategic partnership with River Styxx Capital will support
funding and further grow the business – which will be focused in the future on
building new innovative services and growing their customer base. The company
will continue to invest significant efforts and resources in order to maintain
its leadership position – being the only Internet-based, mobile-first bank in
Southeast Europe.