Greek shipowner Restis sells Montenegrin bank

By bne IntelliNews October 22, 2013

Greek shipowner Victor Restis sold its Montenegrin lender First Financial Bank for EUR 500,460 to an unknown buyer on the Montenegro Stock Exchange on Monday, Oct 21, bourse data showed.

Restis sold out its complete stake of 93.3%, divided into 11.4 million shares, in a block deal. The buyer is still unknown as it takes three days for a change in the shareholder structure to appear in the shareholder list.

Restis, whose company Restis Group has under lease the unique Sveti Stefan island resort in Montenegro, was arrested on money laundering and embezzlement by the Greek authorities in July.

First Financial Bank cut its net loss to EUR 126,000 in 2012 from EUR 1.54mn in 2011 - but already reported a net loss of EUR 589,000 for the first six months of 2013. The bank's total assets fell to EUR 20mn at end-June from EUR 24mn at end-2014. Its total capital shrank to EUR 3.8mn at end-June from EUR 4.3mn at the end of last year after its retained loss over the period climbed to EUR 8.5mn from EUR 7.9mn. The equity capital remained flat at EUR 12.2mn.

Related Articles

Evolution Equity Partners closes $125mn cybersecurity-focused fund

Evolution Equity Partners announced on 17 July the final closing of a new fund with total capital commitments of $125mn to make investments in cybersecurity and next generation enterprise software ... more

Montenegrin court seizes passports of opposition leaders accused of coup attempt

Montenegro’s high court has seized the passports of two opposition leaders accused of plotting a coup as a precautionary measure. Andrija Mandic and Milan Knezevic – two of the leaders of the ... more

Russians continue to holiday in Montenegro despite warnings from Russian foreign ministry

The summer tourism season in Montenegro started earlier than expected and indicates that this year the revenue will exceed €1bn – the ... more