(Reuters) – Societe Generale announced on Monday the signing of sales agreements with Union Bancaire Privée (UBP) for the sale of two subsidiaries for a total price of around 900 million euros.
The agreements provide for the takeover of all the activities, portfolios and employees of these entities by UBP, a Swiss private bank specializing in asset management, SocGen said in a press release.
The subsidiaries concerned, SG Kleinwort Hambros and Société Générale Private Banking Suisse, respectively based in Great Britain and Switzerland, manage nearly 25 billion in assets, the press release states.
The third largest French bank by market capitalization says it expects the positive impact of the proceeds from these disposals to amount to around 10 basis points on its CET1 ratio.
The transactions are expected to be completed by the end of the first quarter of 2025, SocGen adds.
The group also announced in a separate press release on Monday that it had signed an agreement with BRED Banque Populaire with a view to selling its subsidiary in Madagascar.
(Written by Leo Marchandon, edited by Augustin Turpin)
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