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Hungary's OTP agrees to sell Express Life Bulgaria to Groupama

Author Mario Tanev
Hungary's OTP agrees to sell Express Life Bulgaria to Groupama OTP Bank Author (OTP.hu) License: all rights reserved.

SOFIA (Bulgaria), July 10 (SeeNews) - Hungary's OTP Bank said on Wednesday that, together with its Bulgarian unit Expressbank, it has agreed to sell 100% of insurer Express Life Bulgaria to Groupama Zhivotozastrahovane, a unit of the Groupama Group.

"The financial closure of the transaction is expected in the coming months subject to obtaining all the necessary regulatory approvals," OTP Bank said in a statement.

OTP did not provide further details.

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.

(1 euro = 1.95583 levs)

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