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Bulgarian regulator allows Groupama to buy OTP Bank's insurance unit

Bulgaria's Financial Supervision Commission approved the purchase of a 100% stake in Express Life Insurance by Groupama Group's local unit, Groupama Zhivotozastrahovane EAD.

Groupama agreed to purchase the Bulgarian life insurer from Hungarian lender OTP Bank Nyrt.'s local units, DSK Bank and Expressbank AD, in July. Financial details of the transaction were not disclosed.

DSK Bank holds a 58.45% stake in Express Life Insurance, and Expressbank owns 41.55% of the insurer.