Société Générale: set to sell Madagasca subsidiary

(CercleFinance.com) - Societe Generale announces that it has signed an agreement with BRED Banque Populaire for the sale of the group's entire 70% stake in Societe Generale Madagasikara in Madagascar, the financial terms of which have not been specified.


Under the terms of the agreement, BRED Banque Populaire will take over all the businesses operated by this subsidiary, as well as all the customer portfolios and all the employees of this entity.

This transaction, subject to the usual conditions precedent and regulatory approvals, would have a positive impact of around 2bp on the CET1 ratio at the expected closing date by the end of Q1 2025.


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