State Street Said to Explore Acquisition of SocGen's Custody Arm [BNN Bloomberg (Canada)]
SOCIETE GENL FRNCE S/ADR (SCGLY)
NASDAQ:AMEX Investor Relations:
societegenerale.com/en/investors
Company Research
Source: BNN Bloomberg
Boston-based State Street has been discussing terms of a possible purchase of Societe Generale Securities Services, known as SGSS, the people said. Societe Generale has been seeking more than €1 billion ($1.1 billion) for the business, according to the people, who asked not to be identified because the information is private. The unit also attracted interest from other suitors, and there's no certainty State Street will reach a deal, according to the people. Representatives for Societe Generale and State Street declined to comment. Societe Generale Chief Executive Officer Slawomir Krupa has been working to divest the lender's less profitable units in order to strengthen its capital buffers. In the role for almost a year, the former investment banker is seeking to win back investor confidence after a new strategy disappointed shareholders when it was unveiled in September. Last week, the bank agreed to sell its equipment finance unit to BPCE SA for €1.1 billion and said it will
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