Hungarian lender OTP Bank has concluded the purchase of French banking group Societe Generale’s Albania unit.
The deal, first announced in August 2018, offers OTP the sole ownership of Banka Societe Generale Albania (SGAL).
Go deeper with GlobalData
Financial terms of the transaction were not disclosed.
Ranked as the fifth largest bank in Albania, SGAL is said to have a market share of around 6%.
OTP now has a reach in 10 countries of the Central and East European region.
Societe Generale Group deputy CEO in charge of international retail banking activities, financial services and insurance Philippe Heim called the deal an “important milestone”.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe deal was said to be part of the bank’s strategy to “develop its presence on markets and activities with a critical size and the potential for generating synergies with other Group businesses”.
Societe Generale expects to lower its risk weighted assets by nearly €3bn through the sale of its Albanian business and Bulgarian unit, which was announced at the same time.
Acquisitions of other Societe Generale businesses by OTP:
Last month, OTP agreed to snap up the Montenegro business of Societe Generale.
This January, OTP completed the acquisition of the Bulgarian business of Societe Generale.
The Hungarian bank also announced the acquisition of Societe Generale’s Croatian and Serbian subsidiaries.
