Bulgaria's DSK Bank Gets Anti-Trust Clearance to Buy Socgen Expressbank

Bulgaria's DSK Bank Gets Anti-Trust Clearance to Buy Socgen Expressbank

Bulgaria's competition regulator said that it has cleared the proposed acquisition of Societe Generale Expressbank and other subsidiaries held by the Bulgarian unit of French banking group Societe Generale by Sofia-based DSK Bank."The deal will consolidate DSK Bank's leading position on the local retail banking market, rather than strengthen it," the Commission for Protection of Competition (CPC) said in its decision published on Monday. Under the deal, DSK Bank, a unit of Hungary's OTP Bank, will acquire indirect control over Societe Generale Expressbank's units Societe Generale Factoring, Sogelease Bulgaria and Regional Urban Development Fund, as well as direct control over insurer Sogelife Bulgaria. The new banking group will hold a market share of 23.67% in terms of consumer and household deposits, 27.08% regarding mortgages and 38.58% in terms of consumer loans.In its methodology, the competition regulator has determined 40% market share to be the threshold which makes a deal worrisome regarding competition on the respective market segment.

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