ADVERTISEMENT

OTP Bank closes acquisition of Albanian SocGen unit

Analysis

Tupungato/Shutterstock.com

OTP Bank closed the financial acquisition of Banka Societe Generale Albania (SGAL), the Albanian subsidiary of the Société Générale Group, on March 29, the Hungarian bank said on the Budapest Stock Exchange on Monday, according to a report by state news wire MTI.

Image: Tupungato/Shutterstock.com

OTP Bank has become the sole owner of SGAL. With a market share of nearly 6%, SGAL is the fifth largest bank on the Albanian banking market, active as a universal bank in the retail and corporate segment as well.

With the acquisition of the Albanian bank, OTP Group is now present in ten countries in the Central and East European region, OTP noted.

OTP Bank reached an agreement with SocGen on purchasing its Albanian unit in August 2018.

ADVERTISEMENT

PMI edges down to 52.2 in November Analysis

PMI edges down to 52.2 in November

Lawmakers approve residency permit for digital nomads Parliament

Lawmakers approve residency permit for digital nomads

Magyar Bankholding chairman to serve as CEO as well Appointments

Magyar Bankholding chairman to serve as CEO as well

ITM, capital gov't agree on support for public transport City

ITM, capital gov't agree on support for public transport

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.