Bulletin: OTP Bank And Societe Generale Ratings Unaffected By SocGen's Sale Of Subsidiaries In Bulgaria And Albania To OTP

FRANKFURT (S&P Global Ratings) Aug. 2, 2018--S&P Global Ratings said today that its ratings and outlook on Hungary-based OTP Bank PLC (BBB-/Stable/A-3) and France-based Société Générale (SocGen; A/Stable/A-1) are not immediately affected by the announcement that OTP will acquire SocGen's bank subsidiaries in Bulgaria and Albania. We understand that the acquisitions should be completed by year-end 2018, but remain subject to regulatory approval. The transaction amounts have not been disclosed, but we consider that they will not change our assessment of either banks' capital positions or materially change their geographic mix. The transactions are in line with OTP's acquisition strategy in Central and Eastern Europe and the Commonwealth of Independent States region. The purchase of 99.74% of SocGen's subsidiary in

...FRANKFURT (S&P Global Ratings) Aug. 2, 2018--S&P Global Ratings said today that its ratings and outlook on Hungary-based OTP Bank PLC (###-/Stable/A-3) and France-based SociTtT GTnTrale (SocGen; A/Stable/A-1) are not immediately affected by the announcement that OTP will acquire SocGen's bank subsidiaries in Bulgaria and Albania. We understand that the acquisitions should be completed by year-end 2018, but remain subject to regulatory approval. The transaction amounts have not been disclosed, but we consider that they will not change our assessment of either banks' capital positions or materially change their geographic mix. The transactions are in line with OTP's acquisition strategy in Central and Eastern Europe and the Commonwealth of Independent States region. The purchase of 99.74% of SocGen's subsidiary in Bulgaria, Societe Generale Expressbank AD, will significantly strengthen OTP's retail and corporate business lines in the country. The acquisition will make OTP the largest bank...

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