SocGen Sells private banking unit in Belgium to ABN AMRO

FILE PHOTO: The logo of Societe Generale is pictured outside the headquarters of the French bank at the financial and business district of La Defense in Puteaux, outside Paris, France, May 16, 2018. REUTERS/Charles Platiau/File Photo - Copyright Charles Platiau(Reuters)

By Reuters

Published on 30/07/2018 - 18:04•Updated 16/04/2024 - 13:20

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PARIS (Reuters) - French bank Societe Generale <SOGN.PA> said on Monday it agreed to sell its Belgian private banking unit to Dutch bank ABN AMRO <ABNd.AS> as part of its strategy to dispose of operations that lack critical size and potential for synergies within the group.

Societe Generale didn't disclose the amount of the transaction but said the sale will have a "limited positive impact on the Group's core equity tier one ratio."