Hungarian banking group OTP has completed the acquisition of the Serbian unit of French banking group Société Générale, the local subsidiary of OTP said on September 25.
Société Générale Serbia will operate under the brand name OTP Banka Srbija, 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.
No financial details on the transaction were disclosed.
The names of Société Générale Serbia’s insurance unit, Société Générale Osiguranje, will be changed to OTP Osiguranje, while leasing company Sogelease will be renamed 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.
Société Générale entered into an agreement to sell its Serbian unit to OTP in December 2018.
Source; Emerging- Europe