SOFIA (Bulgaria), August 2 (SeeNews) - Hungarian banking group OTP said on Thursday 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 in two separate statements.
The transactions are expected to be closed in the fourth quarter of 2018, after obtaining all the necessary regulatory approvals.
Banka Societe Generale Albania Sh.a. (formerly Banka Popullore Sh.a.) is among the biggest banks in SEE, for more reference take a look at Top 100 banks