Agreement on plans to sell Societe Generale Bank to OTP Bank signed

France’s banking group Societe Generale has signed an agreement stipulating plans for the sale of Societe Generale in Serbia to OTP Group, conditioned on the approval by the National Bank of Serbia and the Commission for Protection of Competition, it was confirmed for Beta today.

The sales process covers SOGE Leasing and SOGE Osiguranje, whereas Societe Generale Group will remain present in Serbia through ALD Automotive. The transaction should be finalized in the upcoming months.

The future owner of Societe Generale is yet to ask the National Bank of Serbia for permission for the takeover.

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“No entity, either physical or legal, has sought or received the prior consent of the NBS to acquire ownership in the Societe Generale Serbia Bank. Any change of ownership in a bank that has a seat in the Republic of Serbia that would enable a potential buyer to acquire five percent and more voting rights in that bank is subject to obtaining prior approval of the NBS, which implies the assessment of the fulfillment of the conditions prescribed by the Banking Act and subordinate legislation on the basis of this law”, the National Bank of Serbia says.

When it comes to Societe Generale’s clients, everything will stay the same, the bank says.

“Societe Generale Bank in Serbia will continue to provide services to its customers – both retail and corporate – with quality and dedication, while preparing this ownership transition that will not affect the clients”, the bank adds.

(Vecernje Novosti, 20.12.2018)


This post is also available in: Italiano

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