Podgorica-based construction and investment firm Zetagradnja, owned by Blagota Radović, has significantly consolidated its position in Montenegro’s financial sector by raising its ownership in Lovćen banka AD to approximately 86.9 percent, following the purchase of an additional 40 percent stake through transactions on the Montenegro Stock Exchange. The acquisition, completed in late February 2026, involved the purchase of shares from groups of local small shareholders as well as from international investors including the German development finance institution DEG and the Belgian Incofin Microfinance Fund. Shares transacted at €823 each, representing roughly 37 percent above recent market valuations, and Zetagradnja paid €16.8 million for this incremental ownership, solidifying its controlling shareholding position.
Following the transaction settlement, Zetagradnja now holds the dominant equity position in Lovćen banka with 86.88 percent of the share capital, while the remaining ownership rests with TIS Ivanjica at 8.26 percent and Sparkassen International Development Trust (SIDT) at 4.85 percent.
Lovćen banka, established in 2014 and operating 18 branches nationwide, reported a net profit of €3.5 million for the January–September 2025 period, along with €12.6 million in undistributed accumulated earnings, indicating a solid performance before Zetagradnja’s latest capital move.
Zetagradnja, founded in 1998 and active primarily in designing, constructing, supervising and developing real estate and infrastructure projects—including residential units, commercial premises and industrial facilities—has now transitioned into a significant banking sector shareholder. This strategic expansion by a major domestic investor reflects broader trends of local capital reinvestment in Montenegrin financial institutions and positions Zetagradnja as a central figure in the continued development of Lovćen banka’s business operations and market presence.
