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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Societe Generale SA | EU:GLE | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.195 | -0.76% | 25.39 | 25.38 | 25.39 | 25.69 | 25.335 | 25.615 | 2,119,153 | 16:35:51 |
By Pietro Lombardi
Societe Generale SA (GLE.FR) said Thursday that it is selling two businesses in the Balkan region.
The deals are the latest in a string of sales that are part of SocGen's plan to rejig its geographical presence and focus its international retail-banking operations on countries where it has critical size and sees potential for synergies.
France's third-largest listed bank by assets is selling Societe Generale Montenegro to OTP Bank (BISI.RS) and Ohridska Banka Societe Generale to Steiermaerkische Sparkasse.
The deals should add 2 basis points to the French bank's CET1 ratio--a key measure of capital strength--and reduce its risk-weighted assets by roughly EUR1.1 billion ($1.25 billion). Risk-weighted assets, or RWA, are a bank's assets weighted by how risky they are. A EUR66 million impact of the deals was included in a EUR241 million exceptional charge the bank reported in its fourth-quarter results.
Societe Generale Montenegro will be part of a cooperation agreement between the French bank and OTP Bank and focused on services in different fields, including investment banking and capital markets.
"These transactions are in line with the divestment process already undertaken in the Balkan region," Deputy Chief Executive Officer Philippe Heim said.
SocGen has sold businesses in Serbia, Albania, Bulgaria and other countries over the past 12 months.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
February 28, 2019 06:44 ET (11:44 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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