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Albania’s c-bank clears sale of Societe Generale unit to OTP

Albania’s c-bank clears sale of Societe Generale unit to OTP OTP Bank Author (OTP.hu) License: all rights reserved.

TIRANA (Albania), March 14 (SeeNews) – Albania's central bank said it has granted preliminary approval for the sale of 88.89% with voting rights of Banka Societe Generale Albania to Hungarian banking group OTP.

The bank provided no further details in a statement published on its website on Wednesday.

The remaining shares of Banka Societe Generale Albania are controlled by seven minority shareholders, according to data from the country's commercial register.

Banka Societe Generale Albania is the fifth largest bank in the country with a market share of some 6% at the end of September, according to data published by the Albanian Association of Banks (AAB). It is active in both the retail and corporate segments. 

In August, OTP signed agreements to buy majority stakes in the Albanian and Bulgarian units of French banking group Societe Generale.

In Bulgaria, OTP's unit DSK Bank is buying 99.74% of Societe Generale Expressbank and other local subsidiaries held by the Bulgarian arm of the French group. Bulgaria's central bank said last month that it has issued a preliminary approval for the transaction to DSK Bank.

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