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OTP agrees to acquire SocGen unit in Moldova

OTP Bank said Wednesday it has agreed to acquire an 87.85% stake in MobiasBanca, the Moldovan unit of Franceʼs Société Générale Group. The transaction is set to close "in the coming months" subject to regulatory approval, OTP was cited as saying by state news wire MTI.

MobiasBanca is the fourth biggest bank in Moldova, with a 13.3% market share.

OTP also said it signed a cooperation agreement with Société Générale Group to support the service of international companies in such key areas as international cash management and capital markets services, structured finance and investment banking services.

OTP recently closed the acquisition of SocGenʼs Bulgarian unit, having also sealed deals last year to acquire the French lenderʼs subsidiaries in Serbia and Albania.