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Serb Societe Generale arm takes over portfolio of local KBC unit
August 12, 2013 / 3:46 PM / in 4 years

Serb Societe Generale arm takes over portfolio of local KBC unit

BELGRADE, Aug 12 (Reuters) - The Serbian arm of France’s Societe Generale said it took over the 126 million euros ($168 million) credit portfolio of a local unit of Belgian banking and insurance group KBC, as part of an April takeover deal.

Under the April 26 deal, Societe Generale Srbija, the country’s fourth largest lender, took over KBC Banka’s portfolio of 81,000 clients, while the Serbian arm of Telenor took over all its shares, thus securing a banking licence.

So far about 25,000 clients of KBC Banka have transferred their accounts to Societe Generale, and the remainder have to do so by the end of October, the bank said in a statement.

According to central bank data, Societe Generale Srbija’s assets stood at 202.9 billion dinars ($2.4 billion) last year.

In 2012, the KBC Banka accumulated a loss of 2.24 billion dinars ($26 million), while its assets stood at 29 billion dinars and capital at 3.4 billion dinars. ($1 = 0.7490 euros) (Reporting by Aleksandar Vasovic; editing by Keiron Henderson)

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