Société Générale will sell its banks in Bulgaria, Macedonia, Albania, Serbia, Montenegro, and Moldova – these markets are oversaturated and unattractive at the moment

The French bank Société Générale is pulling their business out of Central and Eastern Europe. Similarly to Telenor, another big name that pulled out of Bulgaria and the rest of Central and Eastern Europe, Société Générale decided to focus on other parts of their business and sell their shares in the aforementioned regions.

Capital.bg reported on the pullout, saying that SG isn’t content with their position on these markets, as they aren’t leaders in the region. The reported buyer of Société Générale’s business in Bulgaria is the Hungarian OTP bank, who refused to give comments to Capital on the deal. Another potential buyer is the American Apollo Global Management, who also refused to either confirm or deny the rumors.

The Bulgarian branch of SG will come packaged with 5 other countries – Albania, Macedonia, Montenegro, Serbia, and Moldova. According to Capital’s article, these markets are oversaturated and unattractive at the moment, which is why SG is pulling out of them, especially since the banks aren’t even in the top 3 of those countries.

Source: EUscoop.com