EUR 95mn to Vektra and Springer & Pletzer Montenegro

EUR 95mn to Vektra and Springer & Pletzer Montenegro

EUR 60mn loan is intended for reconstruction and modernization of wood manufacturing company Vektra - Jakić from Pljevlja. Springer & Pletzer Montenegro was allocated EUR 35mn for improvement of Queen of Montenegro hotel complex in Bečići.
Hungarian OTP Bank and its Montenegro filial, Montenegro Komercijalna Banka (CKB), allocated two loans to Vektra and Springer & Pletzer Montenegro worth EUR 95mn. Contract with Vektra, according to “Vijesti”, was signed yesterday while that with owners of Queen of Montenegro was signed seven days earlier.

- This way OTP continues to invest into Montenegro with special attention to development of the Northern region. Collaboration with OTP began in December 2006 after purchase of Montenegro Komercijalna Banka (CKB) worth EUR 105mn (six times more than its face value).

In ten months 2007, OTP Bank invested additional 100mn in CKB apart from the two mentioned contracts of nearly 100mn. These funds are largely intended to increase bank’s share capital and grant credits to small and medium projects and to citizens – state in CKB. OTP intends to further invest into Montenegro and participate in realization of investment priorities together with CKB”.