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SocGen agrees to sell Serbian unit to OTP Bank

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SocGen agrees to sell Serbian unit to OTP Bank

France's Société Générale SA agreed to sell unit Societe Generale Serbia to Hungary-based OTP Bank Nyrt. for an undisclosed sum.

Serbia will be a part of the services agreement between SocGen and OTP Bank along with Albania, Bulgaria, Croatia and Hungary. The scope of the transaction covers insurance and leasing activities in Serbia, but SocGen will maintain its direct presence in the country via fleet management activities.

The closing of the transaction, expected in the coming months, is subject to receipt of clearances from the National Bank of Serbia as well as antitrust authorities.

The deal is expected give Société Générale's common equity Tier 1 ratio a boost of 8 basis points, and decrease the risk-weighted assets by approximately €1.95 billion.