Societe Generale signs an agreement with Bred Banque Populaire to sell its subsidiary in Madagascar
/EIN News/ -- SOCIETE GENERALE SIGNS AN AGREEMENT WITH BRED BANQUE POPULAIRE TO SELL ITS SUBSIDIARY
IN MADAGASCAR
Press release
Paris, 5 August 2024 at 7:30 am
Societe Generale has signed an agreement with BRED Banque Populaire which would result in the total divestment of Societe Generale Group’s shares (70%) in Société Générale Madagasikara, in Madagascar. According to the commitments made, BRED Banque Populaire would take over all activities operated by this subsidiary, as well as all client portfolios and employees within this entity.
This transaction would have a positive impact of around 2 basis points on the Group's CET1 ratio, on the expected completion date which could take place by the end of the first quarter of 2025. (1)
This divestment project is subject to the usual conditions precedent and the validation of the relevant financial and regulatory authorities.
(1) Unaudited figures
Press contacts:
Jean-Baptiste Froville_+33 1 58 98 68 00 _ jean-baptiste.froville@socgen.com
Amandine Grison_+33 1 41 45 92 40_ amandine.grison@socgen.com
Societe Generale
Societe Generale is a top tier European Bank with more than 126,000 employees serving about 25 million clients in 65 countries across the world. We have been supporting the development of our economies for 160 years, providing our corporate, institutional, and individual clients with a wide array of value-added advisory and financial solutions. Our long-lasting and trusted relationships with the clients, our cutting-edge expertise, our unique innovation, our ESG capabilities and leading franchises are part of our DNA and serve our most essential objective - to deliver sustainable value creation for all our stakeholders.
The Group runs three complementary sets of businesses, embedding ESG offerings for all its clients:
- French Retail, Private Banking and Insurance, with leading retail bank SG and insurance franchise, premium private banking services, and the leading digital bank BoursoBank.
- Global Banking and Investor Solutions, a top tier wholesale bank offering tailored-made solutions with distinctive global leadership in equity derivatives, structured finance and ESG.
-
Mobility, International Retail Banking and Financial Services, comprising well-established universal banks (in Czech Republic, Romania and several African countries), Ayvens (the new ALD I LeasePlan brand), a global player in sustainable mobility, as well as specialized financing activities.
Committed to building together with its clients a better and sustainable future, Societe Generale aims to be a leading partner in the environmental transition and sustainability overall. The Group is included in the principal socially responsible investment indices: DJSI (Europe), FTSE4Good (Global and Europe), Bloomberg Gender-Equality Index, Refinitiv Diversity and Inclusion Index, Euronext Vigeo (Europe and Eurozone), STOXX Global ESG Leaders indexes, and the MSCI Low Carbon Leaders Index (World and Europe).
For more information, you can follow us on Twitter/X @societegenerale or visit our website societegenerale.com.
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