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SocGen agrees to sell Croatian unit to OTP

Société Générale SA entered into a definitive agreement to sell its entire Croatian unit Société Générale - Splitska banka d.d. to OTP Bank Nyrt.'s OTP banka Hrvatska d.d.

The transaction is expected to have a negative impact of about €240 million on Société Générale's fourth-quarter results and, upon completion, have a positive impact on the lender's financial ratios, specifically improving its common equity Tier 1 ratio by 8.5 basis points.

SocGen noted that it will continue to seize consolidation opportunities in Central and Eastern Europe.

The deal will increase the OTP group's market share to about 10% in Croatia. Société Générale - Splitska banka had assets of €3.54 billion, as of December 2015.

The transaction, which is subject to approval of all relevant authorities, is expected to conclude in the summer of 2017, while the integration process may be completed by the summer of 2018.