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OTP Bank signs deal to buy Société Généraleʼs Serbian unit

Telco

jessica fejos

OTP Bank on Thursday said it signed an agreement to acquire Société Générale Banka Srbija, Serbiaʼs fourth biggest lender, from Franceʼs Société Générale Group, Hungarian news wire MTI reported.

Société Générale Banka Srbija, a universal bank, has a market share of 8.4%, based on total assets.

The transaction is expected to be closed "in the coming months," pending regulatory approval, OTP said.

In August, OTP sealed deals to acquire the Bulgarian and Albanian units of the Société Générale Group.

In a separate announcement, MTI reported that Société Générale said Serbia will be part of an agreement between Société Générale and OTP on the provision of mutual services. These include, but are not limited to, investment banking, capital markets, financing and global transaction banking.

OTPʼs existing business in Serbia had total assets of the equivalent of HUF 543 billion at the end of September, OTPʼs latest earnings report shows. OTP banka Srbija, including Vojvođanska banka, had after-tax profit of HUF 1.3 bln in Q1-Q3.

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