OTP Group officially buys Societe Generale Serbia

Wednesday, 25. Sep 2019.

OTP Group announced the completion of the procedure for the purchase of Societe Generale Bank in Serbia. The bank will continue doing business with the new name – OTP banka Srbija AD Beograd, while Societe Generale Osiguranje changes its name into OTP Osiguranje ADO Beograd, and Sogelease becomes OTP Leasing Srbija d.o.o.

With this transaction successfully closed, OTP Group – which is also the owner of Vojvodjanska banka – further strengthens its market position in Serbia as the integration process of the two banks will result in creating the leading banking institutions on the Serbian market by size of assets, number of branches and loan and deposit portfolio. In the next period, both OTP Group member banks’ main focus will be to maintain the highest level of service quality, while working with clients, and the successful implementation of the integration process.

At present, in connection with the ownership transfer, the customers of Societe Generale Srbija, from now on OTP banka Srbija, do not need to do anything and in the future all customers will be timely notified about the key milestones related to the merger of the banks.

– Societe Generale has been operating successfully for more than 40 years in Serbia. It is one of the most innovation-driven banks on the market, and it has become a very valuable member of OTP Group. With this transaction, we confirm not only our long-term and serious commitment to the Serbian banking market but also demonstrate that OTP Group has a solid foundation, it is well capitalized, has an outstanding liquidity, and the management is committed to strengthening regional presence – stated László Wolf, deputy CEO of OTP Bank in Hungary and Chairman of the Board of Directors in OTP banka Srbija AD Beograd, adding that this event is an important milestone in the development of the banking group in Serbia.

The integration process of OTP banka Srbija and Vojvodjanska banka, starting from now, is planned to last until 2021. Until the end of the integration process, the two banks will operate as separate entities, but clients of both banks from now on can withdraw money from wide network of more than 300 ATMs of both banks in Serbia without fees for debit cards.

The agreement on the planning of the sale of Societe Generale in Serbia to OTP Group was signed in December 2018, but required authorization by the National Bank of Serbia and the Antimonopoly Commission.

Source: eKapija

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