Societe Generale has entered into an agreement to sell its majority stake in Societe Generale Expressbank (Bulgaria) to OTP Bank. The closing of the transaction is expected to take place in the coming months, subject to receipt of clearances from the relevant banking and antitrust authorities.
PARIS, 06-Aug-2018 — /EuropaWire/ — Societe Generale has also entered into an agreement to sell its majority stake in Societe Generale Albania to the same purchaser. The closing of this separate transaction is expected to take place in the coming months, subject to receipt of clearances from the relevant banking and antitrust authorities, and relevant third parties’ consents.
On completion, the two transactions are expected to have a positive impact on the Group’s CET1 ratio of around 12 basis points and to reduce the Group’s risk weighted assets by around EUR 3 bn.
Alongside these transactions, Societe Generale and OTP Bank are in non-exclusive discussions in relation with the entering into of a services agreement that would encompass the provision of mutual services in various fields (including, but not limited to investment banking, capital markets, financing and global transaction banking) in Albania, Bulgaria, Croatia and Hungary.
Philippe Heim, Deputy Chief Executive Officer of Societe Generale Group in charge of International Retail Banking activities, Financial Services and Insurance, comments: “The sale of Societe Generale Expressbank in Bulgaria and Societe Generale Albania is an important milestone in the implementation of Societe Generale’s Strategic and Financial plan “Transform to Grow”, whose primary objectives are to focus and develop its presence on markets and activities with a critical size and the potential for generating synergies with other Group businesses. International Retail Banking activities are a profitable growth engine for Societe Generale Group and we are committed to pursue their development”.
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SOURCE: Societe Generale