Telenor Serbia Announces Closing of Acquisition of KBC Banka

Belgrade, December 19, 2013 - Telenor Serbia announced today the completion of acquisition of KBC Banka, previously part of KBC Group.  This marks closing of the agreement reached on April 29, 2013 by which Telenor Serbia acquired 100% of shares in KBC Banka, while Societe Generale banka acquired KBC Banka’s portfolio of Individual, Small Business and SME customers.
Telenor Serbia had previously received the necessary regulatory approvals for the acquisition from National Bank of Serbia and Commission for Protection of Competition.
Telenor believes that mobile financial services will bring new attractive banking solutions to citizens of Serbia and wants to build the retail bank with clear focus on transactions.
 “This is an important milestone for us in Telenor, as we now officially became the new owner of KBC Banka. Our ambition is to become the number 1 online and mobile consumer bank in Serbia. We will offer state of the art, innovative and easy to use banking services to the benefit of Serbian citizens“, said Ove Fredheim, CEO of Telenor Serbia.
The Managing Director of the new “Telenor Banka” will be Martin Navratil, who previously held the position of Head of Financial Services within Telenor Serbia.
“In the period in front of us, we will be focused on building organization. We are planning to have around 100 employees in the initial period that will support development of new products and services. Once we open the “Telenor Banka”, we will offer easily accessible, predictable, 24/7 available banking products and services, that will deliver an innovative customer experience”, said Martin Navratil.
The “Telenor Banka” will officially be opened in 2014.
Telenor Serbia is part of Telenor Group, which is one of the largest mobile operators in the world. Telenor Group serves more than 160 million subscribers in 12 markets in the Nordics (Norway, Sweden, and Denmark), Central and Eastern Europe (Hungary, Serbia, Montenegro and Bulgaria), Asia (Thailand, Malaysia, Bangladesh, Pakistan and India) and has been announced the winning bidder for a licence in Myanmar.
Telenor entered the Serbian market in 2006, by acquiring Mobi63 and became the largest single investor in Serbia, with EUR 1,53 billion of initial investment. With 3,2 million of customers, Telenor Serbia helps people get the full benefit of being connected. 
Telenor Serbia has 120 stores in 85 cities and 1,150 employees, while the Smart Network covers 80% of the population. In 2010, the company acquired a fixed telephony license, with the strategic goal to become a convergent provider in Serbia. In 2013, Telenor Serbia acquired 100% of the shares of KBC Banka and announced the commitment to bring mobile financial services to citizens of Serbia.