CKB bank and Podgorička banka completed the merger process

Crnogorska Komercijalna Banka and Podgorička Banka have successfully completed one of the most complex integration projects on the Montenegrin financial market. The integrated bank continues to operate under the name Crnogorska Komercijalna Banka AD Podgorica, member of OTP group (CKB) and remains the leading bank in the country with the largest loan and deposit portfolio, as well as the number of customers.

The integration will bring great benefits for the customers. The integrated bank is going to offer a wide range of loan and savings products, provide fast and quality service, innovative digital products and electronic banking, as well as a variety of cards. A larger number of branches will be at the service of customers than it was before. In 35 branches throughout Montenegro and with 115 ATMs, the bank will provide wide market coverage and quality, and quick response to the customers' requests in accordance with the standards of OTP Group. With this integration, companies and the state have gained an even stronger partner to support development projects, while the community will enjoy real benefits through the bank's socially responsible operations and the support of the parent OTP group as the dominant regional banking group.

"After a year and a half of organizational, development and business activities, I am pleased to announce that the two banks have been successfully integrated. CKB continues its business as a highly liquid, stable and reliable bank that enjoys the trust of all its customers. Further strengthened by the merger of Podgorička Banka and the adoption of its values and synergies with the best offer and teams, CKB remains the most efficient bank in the country with stable growth potential, sustainable profitability, strong capital and liquidity, as well as a wide range of services tailored to the needs of the citizens, companies and state. Our mission remains the same, to be a driver of further development in the country, contribute to the introduction of the highest European business standards, as well as to help our customers achieve their goals, contributing to strengthening stability and favorable investment environment, in line with recognizable standards and professionalism of OTP Group", said CKB CEO, Mr Pál Kovács.

Mr. Kovács thanked all employees for their professionalism and extraordinary commitment to make this project a success and deliver it on time. "We would like to extend a special gratitude to the employees, as well as to the bank's customers for their support, understanding and trust during the period of integration," emphasized Mr. Kovács.

During the integration process, both CKB and Podgorička Banka achieved excellent business results, fully maintaining their regular business dynamics and meeting the needs of all their customers, even in quite difficult conditions caused by the coronavirus pandemic. Reputable financial magazine Global Finance proclaimed CKB The Best Bank in Montenegro, and also recognized CKB Private Banking as the best private banking service in the country. The financial magazine "Euromoney" named CKB as The Bank of the Year in Montenegro.

On the occasion of the successful merger of the two banks, the President of the Board of Directors of CKB, Mr Miklos Nemeth, stated: “By merging of CKB and Podgorička Banka, the integrated bank has further improved its leading market position in terms of deposits and loan portfolio. The customers will have access to the largest network of branches and ATMs, as well as a wide range of modern banking services. Innovative channels for electronic payment, a wide range of cards, savings and investment products, quick service and efficiency characterize the new bank. With the expertise and experience of the most successful universal banking group in Central and Eastern Europe, OTP Group, the customers will experience the top banking of the modern age.”

The integrated CKB Banka will be managed by: Pál Kovács, Chief Executive Officer, Viktor Vorobej, Executive Director of Risk Management Division, Maja Vukčević, Executive Director of Corporate Governance Division, Ivan Vučinić, Executive Director of IT and Operations Division, Sandra Kordić, Executive Director for Retail and Corporate Business Division and Maja Krstić, Executive Director of Strategy and Finance Division, while the members of the Board of Directors are: Pál Kovács, Gyozo Nyitrai, Peter Krizsanovich, Balazs Olchvary, Tamas Kamarasi and Ilona Torok. The President of the Board of Directors is Miklosh Nemeth.

OTP Group, as a dominant participant in the banking market in Hungary, and in the region of Central and Eastern Europe, provides premium financial services to more than 18,5 million retail and corporate customers in eleven countries, in almost 1,500 branches, through more than 4,000 ATMs, internet and electronic channels.

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