Investment fund River Styxx Capital to buy 85% stake in Telenor Banka

Telenor Banka has announced that it has reached an agreement on strategic partnership with the investment fund River Styxx Capital. According to the agreement, River Styxx Capital will buy an 85% stake in Telenor Banka, whereas Telenor will keep 15% of the ownership.

– We are proud that Telenor Banka has been the frontrunner for digitalization of Serbia's banking industry over the past three years. The strategic partnership with River Styxx Capital is the next step on the bank's growth curve. It will bring us new opportunities to expand Telenor Banka's business and create additional benefits to our customers and the whole market – says Ingeborg Ofsthus, CEO of Telenor Serbia and Chair of the Telenor Banka Board of Directors.

By investing in the strategic partnership with Telenor Bank, River Styxx Capital is entering the Serbian market for the first time, sharing Telenor's vision of providing easily accessible and simple financial services in southeastern Europe.

– The investment in Telenor Banka and the establishment of a commercial and equity partnership with Telenor is an unparalleled opportunity to enter the Serbian market, a market that continues to offer attractive growth prospects. By combining River Styxx Capital's consumer and other financing expertise with Telenor's customer service and distribution competence and Telenor Banka's unique profile as a regional financial technology innovation leader, we are confident of ensuring the future development and success of the bank. The bank shall continue to invest significant efforts and resources in maintaining its leadership as the only internet-based, mobile-first bank in Southeast Europe. Our close cooperation with Telenor will best serve the interests of the bank's current and prospective customers, and create value for all of its stakeholders – says Elvin Guri, CEO of River Styxx Capital.

According to Milos Brusin, President of the Executive Board of Telenor Banka, with more than 300,000 customers and growing, the bank has changed the way people do banking in Serbia.

– Strategic partnership with River Styxx Capital will support funding and further growth of our business. In the future, we will be focused on building new innovative services and growing our customer base – Brusin says.

Completion of the transaction is subject to customary regulatory approvals in Serbia.

Mobi Banka ad Beograd

Yettel d.o.o. Beograd

River Styxx Capital

Telenor Banka

Telenor

Ingeborg Ofsthus

Elvin Guri

Milos Brusin

sale of Telenor Banka