Hungarian OTP Bank to acquire Slovenian SKB Bank

The Hungarian banking group OTP signed the agreement on the takeover of a 99.73% stake in Slovenia’s SKB Bank, a subsidiary of the French Societe Generale, on May 3, 2019.

Under the contract, OTP also acquires the ownership over other local units owned by SKB Bank, the Hungarian press agency MTI reports. The value of the transactions has not been disclosed.

SKB is the fourth biggest bank in Slovenia, with a market share of nearly 9%. It works with retail and corporate clients.

The transaction is expected to be finalized in the upcoming months, after the local regulatory bodies approve the purchase. Laszlo Bencsik, the deputy CEO of OTP, said this March that OTP would be glad to buy the bank in Slovenia, thereby opening a new market.

OTP recently completed the takeover of Societe Generale’s branches in Bulgaria and Albania.

OTP BANK Budapest, Hungary

SKB d.d. Ljubljana

Societe Generale

OTP

SKB

Societe Generale

Laszlo Bencsik

OTP acquires SKB