Hungary's OTP buys Bulgarian bank, plans more acquisitions

Hungary's leading OTP Group has purchased its second bank in Bulgaria and has several more acquisitions in the pipeline, President-CEO Sándor Csányi announced at a press conference in Sofia.

Csányi said OTP has finalized the purchase of Bulgaria's Société Générale Expressbank (SGEB) which will be integrated into its present Bulgarian subsidiary, DSK Bank. He said SGEB is the seventh largest bank in Bulgaria, with solid retail and corporate operations.

He said OTP has been present in Bulgaria since 2003 and has been posting profits every single year. He added that Bulgarian DSK's mother bank, OTP Hungary was placed ninth in the European Central Bank's recent stress test - involving 48 banks from 15 EU member states - showing that it is one of the EU's most stable banks.

Csányi also said that OTP will purchase another two banks this year, one each in Albania and Serbia - both deals have already been signed - and a third acquisition in Slovenia is also being considered.

Besides its home market, the Hungarian OTP Group currently operates in eight countries of the region via its subsidiaries in Bulgaria (DSK Bank), in Croatia (OTP banka Hrvatska), in Romania (OTP Bank Romania), in Serbia (OTP banka Srbija), in Slovakia (OTP Banka Slovensko), in Ukraine (OTP Bank JSC), in Montenegro (Crnogorska komercijalna banka) and in Russia (OAO OTP Bank).

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