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OTP Garancia sells stakes in Bulgarian insurance companies

Hungarian OTP Garancia, the insurance unit of OTP Bank, and its Bulgarian subsidiary DSK Bank EAD sold their stakes in Bulgarian insurers DSK Garancia Insurance Company and DSK Garancia Life Insurance Company to French insurer Groupama International on Wednesday, OTP Bank announced on the website of the Budapest Stock Exchange.

OTP Bank said in February it had selected Groupama to buy its insurance unit OTP Garancia and form a long-term partnership with the bank for a total consideration of Ft 164 billion (€617 million). OTP Bank said Groupama would acquire 100% of OTP Garancia.

The European Commission has cleared the acquisition, as has Hungarian market regulator PSzAF. The transaction is expected to close in Q3 2008. (MTI-Econews)