Incofin cvso becomes the new shareholder of Lovćen banka in Montenegro
The entrance of Incofin cvso means a significant investment support for Lovćen Banka AD and a help for the future digital onboarding journey.
Incofin cvso acquires an owernership share of 8.65%. With the entry of Incofin into the bank’s ownership structure Lovćen banka receives significant international support. This entry comes in addition to the German investment and development fund DEG (Deutsche Investitions- und Entwicklungsgesellschaft), who has been a shareholder since the establishment of the bank.
“This is our first equity investment ever for Incofin in the Balkan region and we are pleased to start this equity story with Lovćen. Incofin cvso started working together with Lovćen Bank in early 2019 by providing a loan. Now with this deal the collaboration continues and intensifies. We regard Lovćen Bank as one of the most dynamically developing banks in Montenegro with a clear focus on micro, small and medium enterprises. The bank has strong founders and shareholders who are committed to the double bottom line approach. We also appreciate and support the bank efforts and plans to further digitalize its operations and are pleased to be able to contribute to this process by providing technical assistance.“ – Jan Dewijngaert, Regional Director Eastern Europe and Central Asia and Director Private Equity of Incofin.
“Lovćen Banka proudly emphasizes that the values they nurture are recognized on the international market. The entry of Incofin cvso into Bank’s ownership structure is yet another confirmation that Lovćen is on the right path, that they are establishing long-term relationships with clients and earn their trust by providing individual, tailormade solutions. The growth that has been achieved in the past six years of business, proves that these are the values that customers appreciate and recognize as a competitive advantage.” – Jovana Popović, Director of Business Development of Lovćen Banka.
Lovćen Banka was founded in 2011 as the microfinance organization “Kontakt”. The company soon felt the need for developing more diverse financial services in Montenegro and therefore wanted to provide a full fledge service offering to its clients. This led to the transformation of the company into a bank in 2014.