Societe Generale to sell Polish arm Euro Bank to Bank Millennium

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 at Puteaux near Paris, outside Paris, France, May 16, 2018. REUTERS/Charles Platiau - Copyright CHARLES PLATIAU(Reuters)

By Reuters

Published on 05/11/2018 - 07:34•Updated 11/05/2024 - 02:26

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PARIS (Reuters) - French bank Societe Generale <SOGN.PA> agreed to sell its Polish unit Euro Bank to Bank Millennium <MILP.WA>, as part of its plans to divest non-core assets to focus on its core businesses.

The sale will lead to a 2 billion euros (1.75 billion pounds)reduction in its risk weighted assets and improve its core tier-one capital ratio by 8 basis points, SocGen said. The deal is expected to close in the first half of 2019.