Société Générale: sells stake in La Banque Postale Financeme
(CercleFinance.com) - Société Générale announces the sale of its entire 35% stake in Banque Postale Financement.
The deal is set to be finalised in the first half of 2019.
"Societe Generale will continue to be a La Banque Postale Financement partner as it will maintain loan recovery and insurance service agreements, and more generally will be an important partner for the Banque Postale group, particularly the joint subsidiary Transactis which specializes in electronic banking and payments," the bank said.
Once finalised, this transaction will lead to the group's risk-weighted assets being reduced by approximately 0.6 billion euros, with the Group's CET 1 ratio improving by around 5 basis points.
The transaction will also have an impact of approximately -35 million euros on the Group's Q4 2018 results, due to goodwill impairment.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The deal is set to be finalised in the first half of 2019.
"Societe Generale will continue to be a La Banque Postale Financement partner as it will maintain loan recovery and insurance service agreements, and more generally will be an important partner for the Banque Postale group, particularly the joint subsidiary Transactis which specializes in electronic banking and payments," the bank said.
Once finalised, this transaction will lead to the group's risk-weighted assets being reduced by approximately 0.6 billion euros, with the Group's CET 1 ratio improving by around 5 basis points.
The transaction will also have an impact of approximately -35 million euros on the Group's Q4 2018 results, due to goodwill impairment.
Copyright (c) 2018 CercleFinance.com. All rights reserved.