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OTP completes sale of Bulgaria's Express Life Insurance to Groupama

OTP completes sale of Bulgaria's Express Life Insurance to Groupama Deal, business, corporate contracts

SOFIA (Bulgaria), October 31 (SeeNews) - Bulgaria's DSK Bank and Expressbank, the local units of Hungary's OTP Group, have closed financially the sale of Express Life Insurance to Bulgaria's Groupama Zhivotozastrahovane, OTP Bank said on Thursday. 

As a result of the completion of the transaction on October 31, Groupama Zhivotozastrahovane, the local life insurance subsidiary of France's Groupama Group, has acquired full ownership of Express Life Insurance, OTP Bank said in a statement. 

Earlier this month, Bulgaria's anti-trust body and the financial regulator both granted their approval to Groupama Zhivotozastrahovane to acquire 100% of its peer. 

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

Expressbank was renamed from Societe Generale Expressbank earlier this year, after DSK Bank 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.