Société Générale: agreement for disposal in Moldova
(CercleFinance.com) - Société Générale has announced signing an agreement for the sale of its majority stake in Mobiasbanca Société Générale (Moldova) to OTP Bank, a deal that should be finalised in the coming months, after regulatory approvals are obtained.
It is expected to improve the CET1 ratio by around one basis point, with an impact of approximately -28 million euros on the group's Q4 2018 result, an amount that is already integrated in the exceptional charge made public on 17 January.
In addition, Société Générale and OTP Bank have signed a mutual service agreement, integrating Hungary and soon Bulgaria and Croatia. Likewise, Albania, Serbia and Moldova will also be included when the divestments are finalised.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
It is expected to improve the CET1 ratio by around one basis point, with an impact of approximately -28 million euros on the group's Q4 2018 result, an amount that is already integrated in the exceptional charge made public on 17 January.
In addition, Société Générale and OTP Bank have signed a mutual service agreement, integrating Hungary and soon Bulgaria and Croatia. Likewise, Albania, Serbia and Moldova will also be included when the divestments are finalised.
Copyright (c) 2019 CercleFinance.com. All rights reserved.