Financial regulator OKs Groupama Bulgarian unit buy of Express Life Insurance

Financial regulator OKs Groupama Bulgarian unit buy of Express Life Insurance

Bulgaria's Financial Supervision Commission said that it has granted approval to Groupama Zhivotozastrahovane, a unit of France's Groupama Group, to acquire 100% of local Express Life Insurance.In addition, the FSC approved the appointment of Vladimir Ralchev as an authorised signatory of Express Life Insurance, the regulator said in a statement on Thursday.The financial regulator did not provide further details.Groupama Zhivotozastrahovane is also awaiting approval from the Commission for Protection of Competition for the deal.In July, OTP said that together with its Bulgarian unit Expressbank it has agreed to sell 100% of insurer Express Life Insurance to Groupama Zhivotozastrahovane.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. Besides Expressbank, DSK Bank also acquired indirect control over its units Societe Generale Factoring, Sogelease Bulgaria and Regional Urban Development Fund, as well as direct control over insurer Sogelife Bulgaria. OTP Bank has been present in Bulgaria since 2003.

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