Groupama's Bulgarian unit seeks anti-trust nod to acquire Express Life Insurance

Both Groupama Zhivotozastrahovane and Express Life Insurance are active on the local insurance market so the Commission for Protection of Competition is due to analyse the possibility of establishing or strengthening a dominant market position, a notice posted on the Bulgarian regulator's website reads.

Interested parties have until September 18 to submit their statements regarding the transaction.

In July, OTP said that together with its Bulgarian unit Expressbank it has agreed to sell 100% of insurer Express Life Insurance to Groupama Zhivotozastrahovane.

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. Besides Expressbank, DSK Bank also acquired indirect control over its units Societe Generale Factoring, Sogelease Bulgaria and Regional Urban Development Fund, as well as direct control over insurer Sogelife Bulgaria.

OTP Bank has been present in Bulgaria since 2003.