OTP Bank acquired Serbian unit of Societe Generale for $123.25m.

French bank Societe Generale has agreed to sell its bank in Serbia to Hungary’s OTP Bank, as SocGen continues its retreat from parts of eastern Europe while OTP gradually increases its presence in the region. SocGen did not disclose the amount of the transaction, although it said the sale would have a €108m ($123.25m) negative hit on its fourth quarter earnings.