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Competition watchdog clears purchase of OTP Bank's Bulgarian unit by Groupama

Bulgaria's Commission for Protection of Competition allowed France-based Groupama Group's local unit, Groupama Zhivotozastrahovane EAD, to acquire a 100% stake in Express Life Insurance.

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

Groupama Zhivotozastrahovane also secured approval for the acquisition from Bulgaria's Financial Supervision Commission earlier in October.