Societe Generale will sell its Serbian business to OTP Bank

Societe Generale announces an agreement with a view to sell Societe Generale Serbia to OTP Bank

Societe Generale will sell its Serbian business to OTP Bank. Source: shutterstock.com

Societe Generale has entered into an agreement with a view to sell Societe Generale Serbia to OTP Bank. The closing of the transaction is subject to receipt of clearances from the National Bank of Serbia and antitrust authorities. It is expected in the coming months. The scope of the transaction includes insurance and leasing activities in this country.

In addition to Albania, Bulgaria, Croatia, and Hungary, Serbia will be part of a services agreement between Societe Generale and OTP Bank that would encompass the provision of mutual services in various fields (including investment banking, capital markets, financing, and global transaction banking). Societe Generale will remain directly present in Serbia through its fleet management activities.

This agreement with a view to sell Societe Generale Serbia to OTP Bank is another milestone in the execution of Societe Generale’s Transform to Grow strategic plan. It highlights the Group’s capacity to simplify its organization and focus capital allocation on high potential synergetic activities with a critical size. In this context, International Retail Banking activities are a key profitable growth engine for Societe Generale Group and we are committed to further pursue their development
Philippe Heim, Deputy CEO of Societe Generale Group

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