The French bank Société Générale is pulling their business out of Central and Eastern Europe, namely from Bulgaria, Albania, Macedonia, Montenegro, Serbia and Moldova, IPN reports.

According to the news portal EUSCOOP, Société Générale decided to focus on other parts of their business and sell their shares in the aforementioned regions. SG isn’t content with their position on these markets, as they aren’t leaders in the region. Also, these markets are oversaturated and unattractive at the moment.

The subsidiary of Société Générale, BC “Mobiasbancă – Groupe Société Générale” SA, is the fourth largest bank in Moldova, serving over 130,000 active clients in the SMEs and retail sectors. According to the situation on December 31, 2017, last year the banking system of Moldova generated an aggregate profit of 1.48 billion lei. Mobiasbancă Groupe Société Générale for 2017 reported a profit of 270.5 million lei.