PARIS (Reuters) -Societe Generale will sell its Shine subsidiary, specialized in offering banking services to professionals, to the Danish Ageras, the French bank announced on Wednesday, without specifying the amount of the transaction.
“This proposed sale contributes to the simplification of Société Générale. It allows the group to refocus on SG, its retail banking network in France, to continue to develop in the professional customer segment,” says Société Générale in a statement.
On the Paris Stock Exchange, Société Générale shares fell by 0.89% to 22.23 euros at the start of the session when the CAC 40 fell by 0.19% at the same time.
The bank, which bought Shine in 2020, under the leadership of its general director Slawomir Krupa, has embarked on a vast cost reduction program in order to revitalize its profits by 2026.
In April, it concluded an agreement to sell two subsidiaries in Morocco for 745 million euros as well as a memorandum of understanding with the BPCE group to sell its subsidiary SGEF (Société Générale Equipment Finance) for an amount of 1.1 billion euros.
On the other hand, Société Générale is struggling to find buyers for its securities custody subsidiary SGSS, several sources close to the matter indicated last week.
(Written by Sudip Kar-Gupta, Nicolas Delame and Blandine Hénault for the )
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