Telenor snaps up KBC Banka

30 Apr 2013

Serbia’s second largest cellco by subscribers, Norwegian-owned Telenor Serbia, has signed an agreement with KBC and Societe General Banka to acquire KBC Banka, paving the way towards launching mobile financial services. Under the terms of the deal, which is awaiting approval from the National Bank of Serbia and the Commission for Protection of Competition (KZK), Telenor will gain control of 100% of KBC Banka’s shares, whilst Societe General will acquire KBC’s 81,000 individual and SME customers. The value of the deal was not disclosed. CEO of the cellco Ove Fredheim commented on the takeover: ‘[Out of] three potential strategic options, we decided to acquire a bank, as this is a solution that best fits our strategy and enables the fastest go-to market approach. We strongly believe that mobile financial services will bring new attractive banking solutions to citizens of Serbia and we want to take an active role in this process. Once we open the new Telenor bank, we will offer innovative mobile banking services, hassle free, available anytime and from anywhere and with European quality standards.’

Serbia, Telenor Serbia