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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.

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