Societe Generale is selling its units in Bulgaria and Albania to Hungary’s OTP Bank. The sale, the bank said, is part of its strategy to reorganize its assets. The bank did not say about the value of the transaction except mentioning there could be a profit. The bank has been saying it is proposing to restructure its area of operations in order to cut down business in areas where it did not possess critical volume. The bank said it has sold its 99.74% of its Bulgarian assets (held in Societe Generale Expressbank) to DSK Bank, the Bulgarian subdivision of the Hungarian OTP Group. Expressbank is the 7th largest bank on the Bulgarian market. It also said it is discussing in parallel with OTP Bank for an agreement to cover the provision of mutual services in various areas (including, but not limited to, investment banking, capital markets, financing and global transaction banking) in Albania, Croatia and Hungary. DSK Bank is the second largest lender in Bulgaria.
