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.

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