In a significant move within Montenegro’s financial landscape, the construction and investment firm Zetagradnja, led by Blagota Radović, has increased its stake in Lovćen banka AD to approximately 86.9 percent. This acquisition, finalized in late February 2026, involved purchasing an additional 40 percent stake through transactions on the Montenegro Stock Exchange, costing the company €16.8 million.
The shares were acquired from various local small shareholders and international investors, including the German development finance institution DEG and the Belgian Incofin Microfinance Fund. The transaction price of €823 per share was about 37 percent above recent market valuations, underscoring a strategic investment by Zetagradnja.
With this latest purchase, Zetagradnja now commands a dominant equity position in Lovćen banka, holding 86.88 percent of the share capital. The remaining shares are held by TIS Ivanjica, which owns 8.26 percent, and the Sparkassen International Development Trust (SIDT), holding 4.85 percent.
Lovćen banka, which commenced operations in 2014, has established a network of 18 branches across Montenegro. The bank reported a net profit of €3.5 million for the January to September 2025 period, alongside €12.6 million in undistributed accumulated earnings, indicating robust financial health prior to Zetagradnja’s latest investment.
Zetagradnja, founded in 1998, has primarily focused on real estate and infrastructure development, encompassing residential units, commercial spaces, and industrial facilities. This recent acquisition marks a strategic pivot into the banking sector, highlighting a trend of local capital reinvestment in Montenegrin financial institutions. The company’s increased stake positions it as a pivotal player in shaping the future operations and market presence of Lovćen banka.
