Societe Generale signs an agreement with Bred Banque Populaire to sell its subsidiary in Madagascar
05 Août 2024 - 7:30AM
UK Regulatory
Societe Generale signs an agreement with Bred Banque Populaire to
sell its subsidiary in Madagascar
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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