In an effort to reorganize its assets, Societe Generale has sold its banks in Bulgaria and Albania to Hungary’s OTP Bank. The price of the deal was not disclosed. Closing is planned in fourth quarter of this year. The Hungarian banking group will acquire 99.74 percent of Societe Generale Expressbank and other local subsidiaries in Bulgaria. Societe Generale is the seventh largest bank in Bulgaria with $4bn in assets. OTP will also take over an 88.89-percent stake of Banka Societe Generale Albania.
