Société Générale: sells businesses in Scandinavia
(CercleFinance.com) - Société Générale announces an agreement to sell SG Finans AS, its equipment financing and factoring activities in Norway, Sweden and Denmark, to Nordea Finance, Nordea Bank's equipment and factoring financing arm.
This transaction is expected to have a positive impact of approximately 10 basis points on the group's CET1 ratio, but will have a negative impact of approximately 100 million euros on its Q4 2019 results. The deal is expected to be completed in the second half of 2020.
At the same time, Société Générale Equipment Finance (SGEF) and Nordea Finance have entered into a commercial partnership agreement to offer equipment financing solutions and services to their partner networks.
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