Hungary's OTP Wraps up Financially Deal to Buy SocGen's Bulgarian Unit
Hungary's OTP Bank has completed financially the acquisition of Societe Generale Expressbank, the Bulgarian subsidiary of France's Societe Generale Group, and other units of the group in Bulgaria, OTP Bank said on Wednesday. The integration process is expected to be completed in 2020, OTP Bank said in a statement. The acquisition agreement between Societe Generale and DSK Bank, the wholly-owned Bulgarian subsidiary of OTP, was signed on August 1, as OTP agreed to acquire the Albanian and Bulgarian units of the French banking group. In Bulgaria, OTP is acquiring through DSK 99.74% of Societe Generale Expressbank and its units Societe Generale Factoring, Sogelease Bulgaria and Regional Urban Development Fund, as well as direct control over insurer Sogelife Bulgaria.