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Hungary's OTP Agrees to Sell Express Life Bulgaria to Groupama
11 07 2019Hungary's OTP Bank said on Wednesday that, together with its Bulgarian unit Expressbank, it has agreed to sell 100% of insurer Express Life Bulgaria to Groupama Zhivotozastrahovane, a unit of the Groupama Group."The financial closure of the transaction is expected in the coming months subject to obtaining all the necessary regulatory approvals," OTP Bank said in a statement.OTP did not provide further details. Expressbank was renamed from Societe Generale Expressbank earlier this year, after DSK Bank - a unit of OTP, completed its acquisition from France's Societe Generale Group.