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.