October 9 (SeeNews) - Bulgaria's DSK Bank is seeking regulatory approval to acquire Sofia-based Societe Generale Expressbank, and other local subsidiaries held by the Bulgarian unit of French banking group Societe Generale, the competition regulator said.
Under the deal, DSK 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, according to a notice posted on the website of the Commission for Protection of Competition last week.
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In August, DSK Bank's majority owner - Hungarian banking group OTP, said it has signed agreements to buy majority stakes in Albanian and Bulgarian units of French banking group Societe Generale. In Bulgaria, OTP will acquire 99.74% of Societe Generale Expressbank and other local subsidiaries held by the Bulgarian unit of the French banking group, while in Albania it will purchase 88.89% of Banka Societe Generale Albania, OTP said at the time.
The transactions are expected to be closed in the fourth quarter of 2018, OTP said at the time.
DSK Bank was Bulgaria's second largest lender by assets at the end of August, while Societe Generale Expressbank was the seventh biggest, according to central bank data.
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