SocGen to Sell Bulk of Morocco Business in €745 Million Deal [Yahoo! Finance]
SOCIETE GENL FRNCE S/ADR (SCGLY)
NASDAQ:AMEX Investor Relations:
societegenerale.com/en/investors
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Source: Yahoo! Finance
Most Read from Bloomberg US Sees Imminent Missile Strike on Israel by Iran, Proxies Apple Plans to Overhaul Entire Mac Line With AI-Focused M4 Chips Vietnam Tycoon Lan Sentenced to Death Over $12 Billion Fraud Russian Attacks on Ukraine Stoke Fears Army Near Breaking Point US Slams Strikes on Russia Oil Refineries as Risk to Oil Markets The Paris-based bank has reached an agreement for the sale of its stake in Societe Generale Marocaine de Banques, its subsidiaries and stakes in insurance firm La Marocaine Vie, according to a statement Friday. The deal, which is expected to close by the end of the year, should result in a gain of about 15 basis points in SocGen's CET1 ratio, a key measure of financial strength. The French lender will take an accounting hit of €75 million on its first-quarter earnings. It's the second major disposal announced by SocGen this week, a sign that Krupa's plan to offload less profitable units and bolster the firm's finances is accelerating.
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