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Home/News/France’s Societe General reportedly leaving Serbia, region

France’s Societe General reportedly leaving Serbia, region

The French banking group Societe Generale (SG) is pulling their business out of Central and Eastern Europe and selling their banks in six countries.

This is according to EU Scoop, a small independent English language Bulgarian website, who citied anther Bulgarian website, capital.bg.

According to the report, like Telenor, the bank will be “another big name that has pulled out of Bulgaria and the rest of Central and Eastern Europe.”

Societe General reportedly “decided to focus on other parts of their business and sell their shares in the aforementioned regions,” while Hungary’s OTP bank is mentioned as the buyer of the business in Bulgaria.

However, OTP refused to comment on the alleged deal.

The American Apollo Global Management is, according to capital.bg, another potential buyer – “who also refused to either confirm or deny the rumors.”

“The Bulgarian branch of SG will come packaged with five other countries – Albania, Macedonia, Montenegro, Serbia, and Moldova. According to Capital’s article, these markets are oversaturated and unattractive at the moment, which is why SG is pulling out of them, especially since the banks aren’t even in the top three of those countries,” writes EU Scoop.

Societe General opened their office in Belgrade in 1977, turning it into a bank in 1991. It was the only foreign bank with foreign capital that operated in Serbia during the 1990s. Today it has about 100 branches and is among the leading banks in Serbia.

Source; B92