Hungarian banking group OTP has completed the acquisition of the Serbian unit of the French banking group Societe Generale, the local subsidiary of OTP said on Wednesday.
Societe Generale Serbia will be operating under the name of OTP Banka Srbija, while its full merger with Vojvodjanska Banka, another Serbian unit of OTP, is scheduled to be completed in 2021, OTP Banka Srbija said in a statement.
No financial details on the transaction were disclosed.
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The names of Societe Generale Serbia’s insurance unit, Societe Generale Insurance, will be changed to OTP Insurance, while the leasing company Sogelease will be renamed to OTP Leasing Serbia, 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-capitalized, has outstanding liquidity, and management is committed to reinforcing its regional presence, “OTP deputy CEO Laszlo Wolf said in a statement, adding that the acquisition is an important milestone in the development of the banking group in Serbia.
Societe Generale entered into an agreement to sell its Serbian unit to OTP in December 2018.
Also, the merger between OTP Banka Srbija and Vojvodjanska Banka is planned to last until 2021. Until the merger is completed, the two banks will operate as separate entities, but clients of both banks from can withdraw money from an extensive network of more than 300 ATMs of both banks in Serbia without any charges.
(Biznis i Finansije, 25.09.2019)
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