Societe Generale Divests Private Banking Arms

Societe Generale (FR:GLE) has released an update.

Societe Generale is streamlining its operations by selling its private banking subsidiaries in the UK and Switzerland to Union Bancaire Privée for approximately €900 million, a move expected to bolster its capital by about 10 basis points. The divestment, part of the bank’s strategic plan, involves transferring nearly €25 billion in managed assets, client portfolios, and employees, with completion anticipated by early 2025 pending regulatory approvals. This strategic move aims to concentrate on Societe Generale’s core markets and enhance its service to high-net-worth individuals in France and other key locations.

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