- Source: Yettel Bank
Yettel Bank, known from 2014 to 2019 as Telenor Banka and from 2019 to 2024 as Mobi Banka. is a commercial bank based in Belgrade, Serbia. It originated from the 2014 acquisition of KBC Group's subsidiary in Serbia by Telenor Serbia (subsequently renamed Yettel Serbia), one of the largest telecommunications operators in the country.
History
The banking licence was originally awarded to "Alco Banka" in 1996, and was in ownership of Serbian businessman Miroljub Aleksić. The bank later changed its name to "A Banka".
In June 2007, "A Bank" was sold to the Belgian KBC Group for 100 million euros. After the transaction, it changed name to "KBC Bank Serbia". The Belgian bank was present in Serbia from 2007 up until 2014, when they announced their retreat from the Serbian market. They made a deal with Société Générale Srbija to sell its portfolio to this bank, while the banking licence and the bank itself were sold to Telenor Group, which was already present in Serbia, as a telecommunications operator. Thus, Telenor banka was founded, and commenced its operations in September 2014.
In July 2017, a strategic partnership contract was signed between Telenor and the Bulgarian investment fund River Styxx, selling 85% of shares to River Styxx. Telenor would keep a 15% share in bank's ownership, retaining special ties between Telenor Serbia and the bank. However, the transaction was annulled by the National Bank of Serbia in February 2018, due to "non-fulfillment of the prescribed conditions established by the regulations of Serbia".
In June 2018, PPF Group announced it acquire 100% of the shares in Telenor Banka from Telenor Group. The acquisition was completed in February 2019. In October 2019, Telenor banka changed its name to Mobi Banka.
In May 2024, Mobi Banka changed its name to Yettel Bank - this follows the rebrand of Telenor Serbia to Yettel Serbia that was completed in March 2022, thus combining the telecommunications and banking under the unique "Yettel" brand. With the rebrand, PPF Group announced it will provide an additional capital of 33 million euros within a five-year investment, with a part of it already being invested in the application and IT infrastructure. Yettel Bank also announced an additional team enlargement, especially in the product and IT departments.
Market and financial data
According to the most recent consolidated annual financial report submitted to the Serbian Business Registry Agency, the company has 182 employees and posted an annual loss of RSD 1,317,786,000 (€10.98 million) for the calendar year 2016. At the end of 2016 Telenor banka's total assets reached RSD 11,119,778,000 (€92.660 million).
The bank has almost 800,000 clients, according to the bank itself.
See also
Other financial services operated by Telenor:
vcash, former e-wallet service in Malaysia
Telenor Microfinance Bank in Pakistan
List of banks in Serbia
List of companies of Serbia
National Bank of Serbia
Economy of Serbia
References
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