August 2, 2018 / 4:44 AM / a year ago

Societe Generale sells banks in Bulgaria, Albania to Hungary's OTP

FILE PHOTO: The logo of Societe Generale is pictured outside the headquarters of the French bank at the financial and business district of La Defense in Puteaux, outside Paris, France, May 16, 2018. REUTERS/Charles Platiau/File Photo

PARIS (Reuters) - French bank Societe Generale (SOGN.PA) said it had agreed to sell its banks in Bulgaria and Albania to Hungary’s OTP Bank OTPB.BU, as part of its strategy to reorganize its assets.

Societe Generale did not disclose the amount of the transaction, but said the sales together with the disposal of its Belgian private banking unit announced earlier this week would generate a profit.

SocGen has said it intends to rejig its footprint by exiting from countries or businesses where it lacked critical size and consolidating its positions where it is already strong.

Reporting by Inti Landauro; Editing by Sudip Kar-Gupta

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