Societe Generale Serbia takes over KBC Banka's loan portfolio worth EUR 126 million

Societe Generale Serbia took over KBC Banka`s loan portfolio on August 9th, the bank said in a release today. This acquisition is carried out in accordance with an agreement signed between KBC Banka and Societe Generale Serbia on 26 April 2013.

The loan portfolio transferred on August 9th is valued at EUR 126 million, which includes EUR 34 million in Euro-denominated mortgage loans and EUR 34 million in Swiss franc-denominated mortgage loans. Clients who took out loans in Swiss francs from KBC Banka will be repaying them in the manner recommended by the National Bank of Serbia.

This transaction is part of the agreement between KBC Banka and Societe Generale Serbia, by which KBC Banka gives its clients an opportunity to get the same products and services from Societe Generale Serbia with minimal administrative obstacles. Societe Generale Serbia is successfully implementing the process of transferring clients - physical persons, entrepreneurs and SMEs - from KBC Banka. So far, over 25,000 clients have been transferred from KBC Banka to the Societe Generale Serbia network.

This transaction approved by the Commission for the Protection of Competition is the first of the kind in the Serbian market.