Société Générale: sells private banking business in Belgium
(CercleFinance.com) - Société Générale announced on Monday evening that it has reached an agreement to sell its private banking activities in Belgium to the bank Abn Amro.
Under the agreement, Abn Amro will take over all activities carried out by the subsidiary, its entire client portfolio and all its employees.
"This sale of SGPB Belgium's activities is in line with the 2016-2020 “Transform to Grow” strategic plan whose primary objectives are to focus and develop Societe Generale's presence on markets where it can position itself as a top-tier bank, with a critical size and the potential for generating synergies with other Group businesses," the group said.
Subject to the usual approvals from regulatory authorities, "The transaction will have a limited positive impact on the Group's Core Equity Tier One ratio. It does not concern Societe Generale's other businesses in Belgium. The Bank remains fully engaged in Belgium through its activities in corporate and investment banking, specialised financing and leasing."
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Under the agreement, Abn Amro will take over all activities carried out by the subsidiary, its entire client portfolio and all its employees.
"This sale of SGPB Belgium's activities is in line with the 2016-2020 “Transform to Grow” strategic plan whose primary objectives are to focus and develop Societe Generale's presence on markets where it can position itself as a top-tier bank, with a critical size and the potential for generating synergies with other Group businesses," the group said.
Subject to the usual approvals from regulatory authorities, "The transaction will have a limited positive impact on the Group's Core Equity Tier One ratio. It does not concern Societe Generale's other businesses in Belgium. The Bank remains fully engaged in Belgium through its activities in corporate and investment banking, specialised financing and leasing."
Copyright (c) 2018 CercleFinance.com. All rights reserved.