French insurance group GROUPAMA announced its Hungarian subsidiary - GROUPAMA Biztosito and OTP Banka d.d., Croatian subsidiary of OTP Bank, signed an agreement on the sale and purchase of 100% of the shares of the insurance company OTP Osiguranje.

"This transaction demonstrates the close links between Groupama and OTP Bank in the Central and Eastern European countries", as the French insurer mentioned in a statement.

"Upon completion of the agreement, the Group would extend its geographical footprint to an 11th country, Croatia".

The transaction is expected to be completed during the 1st half of 2021 subject to obtaining regulatory approvals.