SocGen agrees to sell Equipment Finance unit to BPCE for 1.1 bln euros [Reuters]
SOCIETE GENL FRNCE S/ADR (SCGLY)
NASDAQ:AMEX Investor Relations:
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Source: Reuters
, opens new tab has agreed to sell a professional equipment financing business to French rival BPCE for 1.1 billion euros ($1.18 billion) as part of a wider divestment strategy. The French third-largest listed bank on Thursday said the sale, expected to close in the first quarter of 2025, would raise its CET1 ratio by about 25 basis points. The business to be disposed is part of Societe Generale Equipment Finance, which provides equipment leasing and financing solutions to manufacturers, dealers and vendors in sectors ranging from transport to industrials. Report this ad The bank said it would keep activities in Czech Republic and Slovakia. The sale is part of a strategy led by CEO Slawomir Krupa to streamline the bank and focus on long-term value creation . Societe Generale has recently sold assets in Africa. People familiar with the company had told Reuters last September that the bank was seeking to sell Equipment Finance. ($1 = 0.9309 euros) Get U.S. personal fina
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