French financial services provider Societe Generale S.A. has announced agreements with Union Bancaire Privée (UBP SA), a Swiss bank specializing in wealth and asset management, to sell its SG Kleinwort Hambros entity in the United Kingdom and Societe Generale Private Banking Suisse in Switzerland.These transactions will be structured as sales of the respective legal entities and are valued at approximately 900 million euros, positively impacting the Group’s Common Equity Tier 1 (CET1) ratio by about 10 basis points.UBP will assume control of all operations carried out by SG Kleinwort Hambros and Societe Generale Private Banking Suisse, including the client portfolios and employees associated with these entities.These divestitures are subject to relevant social procedures, customary conditions precedent, and approval from the necessary financial and regulatory authorities. The completion of these deals is anticipated by the end of the first quarter of 2025.As of December 2023, the divesting businesses’ assets under management were nearly 25 billion euros.The company stated that these sales align with its strategic roadmap aimed at creating a more streamlined, synergistic, and efficient business model, while also fortifying its capital base.Societe Generale plans to continue its private banking development strategy by leveraging its strong positions in France, Luxembourg, and Monaco to support its high-net-worth clients.The material has been provided by InstaForex Company – www.instaforex.com
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