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Photo: BGNES |
DSK Bank and Expressbank have officially completed the merger process into a new structure under the brand name DSK Bank.
After the changes, DSK Bank now serves more than 2.5 million customers. The actual consolidation of the two financial institutions brings DSK Bank closer to the leading position in the sector in terms of assets and makes it a leader in terms of deposits and loan portfolio in Bulgaria.
“In the last year and a half we have had to face the challenge of carrying out the serious and difficult process of integrating DSK Bank and Expressbank. This process ended successfully, but our work does not end here,” said Violina Marinova, CEO and President of the DSK Bank Board.
DSK Bank is owned by OTP Bank Hungary, the parent bank of the OTP Group, which is the largest provider of financial services in Hungary and a regional market leader in Central and Southeast Europe. OTP Group offers services to more than 20 million clients in 12 countries. OTP Bank has been present in Bulgaria since 2003.
The successful unification took place after the end of February. The Bulgarian National Bank (BNB) has authorized the transformation. Expressbank through a merger with DSK Bank. In late 2018, the CPC also gave its permission.
The central bank decision completes the consolidation of the two banks, which started in mid-January 2019. Later, Dr. Sandor Chani, Chairman of the Board of Directors and CEO of OTP Bank, announced that its Bulgarian subsidiary – DSK Bank , has acquired Societe Generale Expressbank.
The deal itself was announced in 2018, with no price announced. The reason for the sale is the reorientation of the French banking group to strategic markets in which it is a leader and the use of the favorable economic moment for an agreement. Through SG Expressbank, the Hungarian group has the opportunity to strengthen its position in the Bulgarian market, where life-long leader Unicredit Bulbank will compete in terms of assets.
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