Acquisition is complete, Societe Generale Bank in Serbia is changing its name
Hungary' OTP officially acquires Societe Generale Srbija (Serbia) bank.
OTP Group announced that the procedure for the acquisition of Societe Generale Serbia has been successfully completed.
The bank continues to operate under a new name - OTP banka Srbija AD Belgrade, while Societe Generale Osiguranje (insurance) will change its name to OTP Osiguranje ADO Belgrade, and Sogelease to OTP Leasing Srbija d.o.o.
Following the successful transaction, OTP Group - which also owns Vojvodjanska banka - continues to strengthen its market position in Serbia, while the merger of the two banks will result in the creation of a leading banking institution in the Serbian market in terms of assets, number of branches and portfolio of loans and deposits.
At this point, the clients of Societe Generale Srbija - now OTP banka Srbija - do not have to take any steps regarding the change of ownership, and in the future, all clients will be informed in a timely manner about the key stages of the merger of two banks.
"Societe Generale has been operating successfully for over 40 years in Serbia. As one of the most innovative banks in the market, it has become a valuable member of the OTP Group. With this transaction, we confirm not only a serious and long-term commitment to the Serbian banking market, but also show that OTP Group operates on solid foundations, is well-capitalized, has outstanding liquidity, while its management is committed to strengthening its regional presence," - said Laszlo Wolf, Deputy Director General of the OTP Bank in Hungary and Chairman of the Board of Directors of OTP banka Srbija AD Beograd, adding that this is an important moment for the development of this banking group in Serbia.