September 25 (SeeNews) - Hungarian banking group OTP has completed the acquisition of the Serbian unit of French banking group Societe Generale, the local subsidiary of OTP said on Wednesday.
Societe Generale Serbia will be operating under the OTP Banka Srbija name, while its full merger with Vojvodjanska Banka, another Serbian unit of OTP, is planned to be completed in 2021, OTP Banka Srbija said in a statement.
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No financial details on the transaction were disclosed.
The names of Societe Generale Serbia's insurance unit, Societe Generale Osiguranje, will be changed to OTP Osiguranje, while leasing company Sogelease will be renamed to OTP Leasing Srbija, the bank said.
"With this transaction, we confirm not only a serious and long-term commitment to the Serbian banking market, but also show that OTP Group operates on a solid basis, it is well-capitalised, has outstanding liquidity, and the management is committed to strengthening its regional presence," the deputy CEO of OTP, Laszlo Volf, said in the statement.
Societe Generale entered into an agreement to sell its Serbian unit to OTP in December 2018.
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