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5th April, 2018

OTP eyes SocGen’s Bulgarian bank

OTP’s Bulgarian subsidiary DSK is eying peer Societé Generale Expressbank, a unit of Societé Generale, the Bulgarian daily Kapital learned.

The French bank would also like to sell all of its eastern European subsidiaries that are not among the top three banks in their respective markets, including its banks in Albania, Montenegro, Serbia and Moldova, Kapital said. SocGen is selling the banks in a single package, the paper added.

OTP is not the only potential buyer of Bulgaria’s seventh largest bank as, among others, US investment fund Apollo Global Management has also filed an indicative bid for it, Kapital added. SocGen rejected Apollo’s bid, the paper said.

Bids may be filed until early summer and the sale could be completed this year, Kapital said.

Sources regularly consulted, with abbreviations used in text: Népszabadság (N); Magyar Hírlap (MH); Világgazdaság (VG); Napi Gazdaság (NG); Magyar Nemzet (MN); Népszava (Nsz); Kossuth Rádió news (KR); nightly TV news (TV).

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