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Hungary's OTP completes acquisition of Slovenia’s SKB Banka

Hungary's OTP completes acquisition of Slovenia’s SKB Banka OTP Bank Author ( License: all rights reserved.

LJUBLJANA (Slovenia), December 16 (SeeNews) – Hungary's OTP Bank said it has completed the financial closure of its acquisition of 99.73% interest in the Slovenian subsidiary of Societe Generale Group, SKB Banka.  

With the acquisition, OTP has also become owner of other local subsidiaries of SKB Banka, it said in a press release on Friday.

Following the transaction, OTP Group is already present in 12 countries in Central and Eastern Europe, the group noted.

OTP signed in May an agreement with French banking group Societe Generale for the purchase of SKB Banka and its subsidiaries SKB Leasing and SKB Leasing Select.

SKB Banka is the 4th largest bank in Slovenia with a market share of nearly 9%, OTP noted.

In August, SKB Group said it booked a consolidated net profit of 34.2 million euro ($38.2 million) in the first half of 2019, up 40% year-on-year. The profit growth was achieved by improved business performance, reflected in a rise of 18% in gross operating income to 31.3 million euro, and high reversal of provisions for non-performing exposures, SKB said in a filing to the Ljubljana Stock Exchange.

Earlier this year, OTP Bank wrapped up the acquisition of Societe Generale's units in Albania and Bulgaria. In February, OTP also signed agreements to acquire Societe Generale's units in Moldova, Montenegro and North Macedonia.