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Societe Generale to sell Polish arm Euro Bank to Bank Millennium

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Societe Generale to sell Polish arm Euro Bank to Bank Millennium

Societe Generale to sell Polish arm Euro Bank to Bank Millennium
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CHARLES PLATIAU(Reuters)
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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.

(Reporting by Sudip Kar-Gupta; Editing by Gopakumar Warrier)

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