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Rumoured merger of UniCredit and Societe Generale to potentially affect the Bulgarian banking sector

Financial Times, citing own sources, reported that UniCredit and Societe Generale might be planning a merger. Both lenders have branches in Bulgaria, with the former being the biggest it terms of asset locally and the French lender being seventh. While a business combination could potentially facilitate the UniCredit’s leadership on the local market, earlier in April Societe Generale announced that it is looking for a buyer for its branches in 5 Eastern European countries, including Bulgarian SG Expressbank. Hungarian OTP, which owns the second biggest local bank DSK, is reportedly conducting a due diligence ahead of a potential acquisition. If any of the deals go through we might be witnessing a market concentration.

Source: FT; FFBH

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