SocGen sells Polish subsidiary for $483M

Monday, 05. November 2018 09:56

Societe Generale S.A. announced on Monday it reached an agreement to sell its Polish retail banking subsidiary Euro Bank to Bank Millenium, a subsidiary of Banco Comercial Portugues, in a deal worth 1.83 billion Polish zloty ($483 million).

The French lender noted the transaction is expected to close in the first half of 2019 after the sale secures necessary regulatory approval. Societe Generale stressed that it will continue to provide corporate and investment banking services in Poland through its Global Banking and Investor Solutions following the sale.

"The sale of Euro Bank is a further step in the execution of Societe Generale’s Strategic and Financial plan 'Transform to Grow', whose primary objectives are to focus and develop its presence on markets and activities with a critical size and the potential for generating synergies with other Group businesses," Philippe Heim, Deputy Chief Executive Officer of Societe Generale Group in charge of International Retail Banking activities, Financial Services and Insurance, stated.

Societe Generale's shares rose 0.35% at 9:41 am CET.

Related Links: Société Générale S.A.
Author:
Breaking the News / NP