Société Générale: to sell two subsidiaries to UBP

(CercleFinance.com) - Société Générale announces that it has signed agreements with Union Bancaire Privée (UBP), a Swiss bank specialising in wealth and asset management, with a view to selling SG Kleinwort Hambros and Société Générale Private Banking Suisse.


The French bank specifies that these two private banking subsidiaries, operating in particular and respectively from London and Geneva, together represented nearly E25bn in AuM at end-December 2023.

These transactions would be carried out at a total price of around E900m including shareholders' equity, with a positive impact of around 10bp on the Group's CET1 ratio at their expected completion dates by the end of Q1 2025.

These planned divestments, subject to usual procedures and conditions, are part of the execution of Societe Generale's strategic roadmap aimed at shaping a simplified, more synergetic and high-performance model, while strengthening its capital.


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