Société Générale: disposal of Société Générale Serbia
(CercleFinance.com) - Société Générale has announced the signing of an agreement for the sale of Société Générale Serbia (SGS) to OTP Bank, a deal which is subject to approval from the competent authorities, which is expected in the coming months.
This transaction is expected to have a positive effect of approximately 8 basis points on the CET1 ratio and reduce its weighted assets by approximately 1.95 billion euros. It will also have an impact of approximately -108 million on the group's Q4 2018 earnings.
Serbia will be included in the mutual service agreement with OTP Bank, covering different areas, which already include Albania, Bulgaria, Croatia and Hungary. Société Générale will remain directly present in Serbia via ALD Automotive.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
This transaction is expected to have a positive effect of approximately 8 basis points on the CET1 ratio and reduce its weighted assets by approximately 1.95 billion euros. It will also have an impact of approximately -108 million on the group's Q4 2018 earnings.
Serbia will be included in the mutual service agreement with OTP Bank, covering different areas, which already include Albania, Bulgaria, Croatia and Hungary. Société Générale will remain directly present in Serbia via ALD Automotive.
Copyright (c) 2018 CercleFinance.com. All rights reserved.