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OTP Bank completes purchase of SocGen's Serbian ops

OTP Bank Nyrt. finalized the acquisition of Societe Generale Banka Srbija a.d. Beograd, which will now operate as OTP banka Srbija AD Beograd.

In addition, insurer Societe Generale Osiguranje and leasing company Sogelease Srbija d.o.o Beograd, which operate as units of Societe Generale Banka Srbija, will change their names to OTP Osiguranje ADO Beograd and OTP Leasing Srbija d.o.o.

The Hungarian lender plans to merge the newly acquired lender with its other Serbian unit, Vojvodanska banka a.d. Novi Sad, with the process to be completed in 2021.

OTP Bank agreed to purchase the Serbian operations of Société Générale SA in December 2018. The French group said at the time the transaction was set to give its common equity Tier 1 ratio a boost of 8 basis points, while also decreasing the risk-weighted assets by approximately €1.95 billion.