French private bank Societe Generale opened in July 1997 its first branch in Sofia to service corporate clients operating in Bulgaria.
Societe Generale was the second French bank to set up office in Sofia after Banque Nationale de Paris and Germany's Dresdner Bank AG set up BNP-Dresdner Bank (Bulgaria) in 1995.
In September 1999, Bulgaria sold a majority stake in state-owned Expressbank to Societe Generale for over USD 39.1 million. Under the deal, Bulgaria sold 27.944 million shares in the Varna-based bank, representing the 97.95% stake of the bank's capital held by the state. Under the deal, Bulgarian authorities agreed to buy the debt owed by the Varna shipyard to Expressbank for around USD 22 million, while the new owner pledged to retain the majority stake in Expressbank for the next three years at least.
In December 2005, the Bulgarian arm of Societe Generale set up a subsidiary to offer leasing services on the local market. In 2008, the lender set up a factoring subsidiary, Societe Generale Factoring.
Societe Generale Expressbank operates more than 150 offices nationwide. The lender offers a full range of banking services and products to retail and corporate clients.
bul. Vl. Varnenchik 92
Varna; Varna; Postal Code: 9000
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