OTP Group announced that the procedure for the acquisition of Societe Generale Srbija has been successfully completed. The French bank will continue to operate under a new name - OTP Bank Serbia AD Belgrade, while the insurer, Societe Generale Osiguranje, will change its name to OTP Insurance ADO Beograde and the leasing company, SoGeLease Srbija, to OTP Leasing Srbija d.o.o..
The company is also starting the merging process with Vojvodjanska bank, also a member of OTP Group, planned to begin in 2021. Until the completion of the integration, the two banks will operate as separate legal entities. The merger will create the biggest banking institution from Serbia, in terms of assets, number of territorial units and portfolio size consisting in loans and deposits.
Laszlo WOLF, Deputy General Manager OTP Bank Hungary and Chairman of the Board of Directors of OTP Bank Serbia, commented:
"With this transaction, we confirm not only serious and long-term commitment to the Serbian banking market, but we also demonstrate that OTP Group operates on a solid basis, is well-capitalized, has outstanding liquidity, and the management is committed to strengthening its regional presence."