Hungarian OTP Bank will establish factoring company OTP Factoring Montenegro, which will be the first establishment of this kind in the country, local media reported. The new firm will buy bad loans from the major Montenegrin lender, CKB. OTP is a 100% owner of CKB. We note that the local banking system witnessed a rapid increase of bad loans during the economic crisis, which was rather expected, having in mind the impressive lending expansion in the previous couple of years. |
|
Montenegro's government said it decided on Thursday, March 21, to reduce to EUR 220mn from EUR 250mn the amount it plans to borrow this year for financing its budget spending and servicing ... more
Montenegro's budget revenue increased by 11.5% y/y to EUR 195mn in the period from January 1 to March 20 due to higher profit tax, social contributions and VAT inflows, news service ... more
Mobile phone penetration in Montenegro dropped to 155.5% at the end of February 2013, from 159.81% at end-Dec 2012 and 163.66% a year earlier, the latest figures of the telecommunications agency ... more