Société Générale: about to sell Benin subsidiary
(CercleFinance.com) - Societe Generale announces that it has signed an agreement with the Beninese government for the total sale of the group's 93.
43% stake in Societe Generale Benin (including its branch in Togo), together with all customer portfolios and employees.
This proposed sale is subject to the approval of the entities' governing bodies, the usual conditions precedent and the validation of the relevant financial and regulatory authorities.
The transaction would have a positive impact of around 2bp on the Group's CET1 ratio on completion, expected by the end of Q1 2025, and a negative accounting impact of around -E25m on Q3 results.
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43% stake in Societe Generale Benin (including its branch in Togo), together with all customer portfolios and employees.
This proposed sale is subject to the approval of the entities' governing bodies, the usual conditions precedent and the validation of the relevant financial and regulatory authorities.
The transaction would have a positive impact of around 2bp on the Group's CET1 ratio on completion, expected by the end of Q1 2025, and a negative accounting impact of around -E25m on Q3 results.
Copyright (c) 2024 CercleFinance.com. All rights reserved.