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OTP to acquire SocGen Slovenian unit

Food

OTP Bank on Friday said it signed an agreement to acquire a 99.73% stake in SKB Banka, the Slovenian subsidiary of Franceʼs Société Générale Group and other local units held by SKB Banka, state news wire MTI reports.

OTP did not disclose the transaction price.

SKB Bank is Sloveniaʼs fourth-biggest bank with nearly 9pc market share. It is active in the retail and corporate segments.

The transaction is expected to be closed "in the coming months" subject to regulatory approval.

OTP deputy-CEO László Bencsik said in March that OTP would gladly buy a bank in Slovenia, where it has no market presence.

OTP recently closed the acquisition of SocGenʼs units in Bulgaria and Albania, and it has sealed deals to acquire the French lenderʼs subsidiaries in Serbia, Moldova and Montenegro.

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