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Financial regulator oks DSK Bank acquisition of Sogelife Bulgaria

Author Mario Tanev
Financial regulator oks DSK Bank acquisition of Sogelife Bulgaria Financial Supervision Commission/All rights reserved.

SOFIA (Bulgaria), December 5 (SeeNews) - Bulgaria's financial regulator said that it has granted approval to local lender DSK Bank to acquire 100% direct and indirect shareholding in insurer Sogelife Bulgaria, a unit of Societe Generale Expressbank.

The Financial Supervision Commission did not provide further details in its statement, published on Tuesday.

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, DSK Bank will acquire 99.74% of Societe Generale Expressbank. DSK Bank will also acquire direct control over Sogelife Bulgaria, and indirect control over Societe Generale Factoring, Sogelease Bulgaria and Regional Urban Development Fund.

Last month, DSK Bank received preliminary approval from the Bulgarian National Bank to acquire Societe Generale Expressbank.

DSK Bank was Bulgaria's second largest lender by assets at the end of September, while Societe Generale Expressbank was the seventh biggest, according to central bank data.