OTP banka Srbija a.d.
# OTP banka Srbija a.d.

OTP banka Srbija, formerly known as Société Générale Srbija, was a commercial bank with headquarters in Belgrade, Serbia. It was owned by Hungarian OTP Bank since September 2019 and was mergied into Vojvođanska banka a.d., a wholly owned subsidiary of OTP Bank. Subsequently, Vojvođanska banka a.d. changed its name to OTP banka Srbija a.d. Novi Sad. On 30 April 2021, the bank finally merged into the Vojvođanska banka a.d., which was then renamed to OTP Banka Srbija a.d. Novi Sad.

## History

In 1977, French Société Générale established a representative office in Belgrade, SFR Yugoslavia. On 12 February 1991, Société Générale Yugoslav Bank was founded as the first bank with foreign capital to be established in former FR Yugoslavia. The bank was a joint venture between Paris-based Société Générale (75%), and the now defunct Beogradska banka (20%) and Banque Franco-Yougoslave (5%). At first, it was established as a unit of SG Corporate & Investment Banking, and provided services to corporate customers only.

In 2001, it became a full-service universal bank, providing services to both corporate clients and individuals. It was only in late 2007 that the bank changed name to Société Générale Srbija in order to reflect the name change of the country it operates in (FR Yugoslavia was renamed to Serbia and Montenegro in 2003, and Serbia became independent in 2006).

In 2014, Société Générale Srbija bought KBC banka's portfolio, while Telenor Serbia bought the KBC banka itself, creating Telenor banka. In December 2017, Société Générale Srbija took housing and cash loans to citizens, as well as credit card debt, from the Jubanka, which was bought by the Serbian AIK Banka in April 2017.

In September 2019, the Hungarian OTP Bank bought Société Générale Srbija after the agreement was made in December 2018, and the process of integration with Vojvođanska banka a.d. is planned to be finalized in 2021. On 25 September 2019, Société Générale Srbija a.d. changed its name into OTP banka Srbija a.d. with headquarters in Belgrade.

## Market and financial data

According to 2019 consolidated financial report submitted to Serbian Business Register Agency, the bank has 1,405 employees and it posted an annual profit of €33.90 million for the calendar year 2019.

