Societe Generale to Sell U.K. and Swiss Private Banks for $982 Million in Streamlining Push

Societe Generale agreed to sell its private banking divisions in the U.K. and Switzerland for around 900 million euros ($982.1 million) and to dispose of its Madagascar subsidiary as it makes progress on its strategy to simplify the business by offloading noncore assets.

France’s third largest bank by market capitalization said Monday that it signed agreements to sell wealth management units SG Kleinwort Hambros and Societe Generale Private Banking Suisse to Swiss lender Union Bancaire Privee. Combined, the units had around EUR25 billion in assets under management as of end-December.

Source: REUTER