Societe Generale has agreed to sell its majority stake in Moldovan bank Mobiasbanca Societe Generale to Hungary’s OTP as the French group continues its retreat from parts of emerging Europe while OTP – the region’s largest lender – gradually increases its presence in the region. In 2018, the French bank agreed to sell its banks in Albania, Bulgaria and Serbia to OTP.
Neither Societe Generale nor OTP has disclosed the value of the transaction, although it said the sale would have a 28 million-euro negative effect on its fourth quarter earnings.
Societe Generale directly owns a 67.85 per cent stake in Mobiasbanca, while a further 20 per cent is held by Romania’s BRD, which is part of Societe Generale Group. The European Bank for Reconstruction and Development (EBRD) owns 8.84 per cent and minority shareholders have 3.31 per cent.
Mobiasbanca posted a 301.1 million lei (15.4 million euros) profit in 2018, ranking third in terms of profit among local lenders.
The deal is subject to the approval of Moldova’s national bank.