Karanovic & Nikolic has advised Bulgaria's River Styxx Capital investment fund on the acquisition of 85% of the shares in Telenor Banka. Moravcevic Vojnovic and Partners in cooperation with Schoenherr) advised Telenor on the transaction, which sees the Norwegian telecommunications group keeping 15% of its shares in the online bank.
Telenor established the online bank in Serbia in 2014. More than 300,000 customers have registered 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.
According to Karanovic & Nikolic, "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 firm reports that
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."
The Karanovic & Nikolic team was led by Senior Partner Darko Jovanovic, Senior Associate Ivan Nonkovic, and Associate Mina Sreckovic.
The Moravcevic Vojnovic and Partners in cooperation with Schoenherr team consisted of Partner Luka Lopicic and Associate Petar Miskovic.
Image Source: telenorbanka.rs