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Societe Generale close to sale of Bulgarian bank to Hungary's OTP

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Societe Generale close to sale of Bulgarian bank to Hungary's OTP

Societe Generale close to sale of Bulgarian bank to Hungary's OTP
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Charles Platiau(Reuters)
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SOFIA (Reuters) - French bank Societe Generale is in final talks to sell its Bulgarian unit to Hungary's OTP Bank and is likely to announce the deal this month, two sources familiar with the process said.

"The deal has been largely agreed. The central bank has already held a preliminary meeting with DSK Bank (OTP's Bulgarian unit) over it," one source said.

"The deal for Bulgaria is expected to be announced in August, probably by the end of this week," a second source said, adding that Societe Generale was also close to selling its small unit in Albania to OTP.

Societe Generale and OTP declined to comment.

Societe Generale Expressbank is Bulgaria's seventh largest bank with assets of 6.7 billion levs (£3.04 billion) as of June, central bank data showed.

(Reporting by Tsvetelia Tsolova, additional reporting by Marton Dunai in Budapest and Inti Landauro in Paris; editing by Jason Neely)

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