OTP Bank Plc. (BUSE:OTP) signed an agreement to acquire 99.7% stake in SKB banka d.d. (LJSE:SKBB) from Société Générale Société anonyme (ENXTPA:GLE) for €320 million on May 3, 2019. The completion of the transaction is subject to obtaining the authorizations of the competent banking and various regulatory bodies including Bank of Slovenia and European Central Bank and antitrust authorities.

It should occur in the coming months. The transaction is expected to close at the beginning of June 2019. As of July 15, 2019, the conclusion of the sale process is expected towards the end of 2019.

The sale of SKB banka is expected to have a positive impact on Société Générale Société's CET1 ratio of around 7 basis points and to reduce Société Générale Société's risk weighted assets by around €2.3 billion. This transaction will also have a negative impact of €67 million on Société Générale Société's first-half 2019 results, due to goodwill impairment. Alexandre de Verdun, Florent Bouyer, Olivier Haas, Emmanuel de La Rochethulon, Eric Barbier de La Serre, Philippe Goutay and Eileen Lagathu of Jones Day and Vid Kobe, Marko Frantar and Matej Crnilec of Schoenherr acted as legal advisors to Société Générale Société anonyme.

Compagnie Financière Lazard Frères SAS acted as financial advisor to Société Générale. Aleš Lunder and Saša Sodja of CMS REICH-ROHRWIG HAINZ, pravno svetovanje d.o.o. and Eva Talmacsi and Dora Petranyi of CMS Budapest acted as legal advisors to OTP Bank.