DSK Bank Gets Regulator Approval For SG Expressbank Acquisition

The Bulgarian National Bank (BNB) said that it has issued a preliminary approval to local DSK Bank, a unit of Hungary’s OTP Bank, to acquire a 99.735% stake in Societe Generale Expressbank from France’s Societe Generale.

Following completion of the transaction, Varna-based Societe Generale Expressbank will become a subsidiary of DSK Bank, the central bank said in a statement on Wednesday.

The deal, under which DSK Bank will also acquire Societe Generale Expressbank’s units Societe Generale Factoring, Sogelease Bulgaria and Regional Urban Development Fund, has not yet been approved by Bulgaria’s Commission for Protection of Competition.

In August, OTP said it has signed agreements to buy majority stakes in Albanian and Bulgarian units of French banking group Societe Generale. In Albania, OTP will buy 88.89% of Banka Societe Generale Albania.

The transactions are expected to be closed in the fourth quarter of 2018, OTP said at the time.

DSK Bank was Bulgaria’s second largest lender by assets at the end of September, while Societe Generale Expressbank was the seventh biggest, according to central bank data.

 

Read More

President Radev: Bulgaria Mustn’t Be Generalised as a Racist State

We must not allow а generalisation of Bulgaria as a racist state, President Rumen Radev told reporters, referring to the allegations of racism directed at...

Bulgaria’s Chief Prosecutor: 15 to 20 Years in Prison for Causing Death on the Road

Chief Prosecutor Ivan Geshev has proposed that the penalty for causing death on the road after using drugs and alcohol should be...

Chelopech Gold & Copper Mine Announces Record 2018 Profits

Canada's Dundee Precious Metals said its adjusted earnings before interest, taxes, depreciation and amortisation from the operation of its Chelopech gold-copper mine in...

Recent

Inflation In Bulgaria Grows To 2.6%

European Union annual inflation was 1.4% in July 2019, down from 1.6% in June. A year earlier, the rate was 2.2%. These figures are...

43% Of The Bulgarians Expect Lower Incomes due to the COVID-19 Crisis

43% of the Bulgarians expect that they will receive lower incomes due to the COVID-19 crisis, a survey of Trend sociological agency...

Bulgaria And Czechia To Cooperate Further In EU

Bulgaria and the Czech Republic will deepen their cooperation to defend common stances on important for the two countries topics on the EU agenda. This is what...