The transaction was announced this July by OTP when it mentioned that its Bulgarian unit EXPRESSBANK agreed to sell 100% of insurer EXPRESS Life Insurance to GROUPAMA.
At the begining of 2019, Hungarian OTP takes over throught its unit (DSK Bank) the banking, leasing and life insurance business from Societe Generale. After the transaction was closed, the former France's Societe Generale Group banking unit was renamed into EXPRESSBANK, while its former insurance arm - Sogelife Bulgaria into Express Life Insurance.
French insurer GROUPAMA is active on Bulgarian insurance market by more than 10 years throught its two subsidiaries:
GROUPAMA Life Insurance Company - ranked 7 of 11 life insurers at the end of H1 2019 with GWP of EUR 3.1 million, 2.3% market share
GROUAMA Non-Life Insurance - ranked 14 of 24 non-life insurers at the end of June 2019 with GWP of EUR 5.8 million, 0.9% market share
Considering the H1 2019 market figures, the merger between GROUPAMA Life Insurance Company and Express Life Insurance will further strengthen GROUPAMA's position in the life insurance market, getting them closer to the 6th place in the life sector, currently held by GRAWE Bulgaria Life Insurance.