Société Générale: sells businesses in the Balkans

(CercleFinance.com) - Alongside its quarterly results, Société Générale announces the signing of an agreement to sell its majority stakes in Societe Generale Expressbank in Bulgaria and Societe Generale Albania to OTP Bank.


These transactions are expected to have an estimated positive effect of around 12 bp on the group's CET1 ratio, and reduce its weighted assets by approximately 3 billion euros. The deals are set to be finalised in the next few months, subject to certain conditions.

At the same time, Société Générale and OTP Bank have begun non-exclusive discussions to reach a mutual service agreement in different areas of banking activity in Albania, Bulgaria, Croatia and Hungary.



Copyright (c) 2018 CercleFinance.com. All rights reserved.