OTP to acquire Société Générale unit in Montenegro

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jessica fejos

OTP Bank on Thursday said its Montenegrin unit signed an agreement to acquire 90.56% of the local unit of Franceʼs Société Générale Group, marking the next step in the Hungarian bankʼs expansion in the SEE region, state news agency MTI reported.

Photo: Jessica Fejos

With a market share of 11.5%, Société Générale banka Montenegro is the fourth biggest bank in Montenegro.

OTP expects to close the transaction "in the coming months" pending regulatory approval.

OTPʼs Montenegrin bank, Crnogorska komercijalna banka, had total assets of just over HUF 228 billion at the end of September, OTPʼs latest earnings report shows.

OTP recently closed the acquisition of Société Généraleʼs Bulgarian unit, and has sealed deals to acquire the French lenderʼs subsidiaries in Serbia, Albania and Moldova, MTI recalled.

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