Hungary's OTP Agrees to Sell Express Life Bulgaria to Groupama

Hungary's OTP Agrees to Sell Express Life Bulgaria to Groupama

Hungary'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.

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