Societe Generale signs an agreement with the state of Benin to sell Société Générale Bénin
30 Luglio 2024 - 9:35PM
UK Regulatory
Societe Generale signs an agreement with the state of Benin to sell
Société Générale Bénin
SOCIETE GENERALE SIGNS AN AGREEMENT
WITH THE STATE OF BENIN TO SELL SOCIÉTÉ
GÉNÉRALE BÉNIN
Press release
Paris, 30 July 2024
Societe Generale has signed an agreement with the State of Benin
which plans the total divestment of Societe Generale group’s shares
(93.43%) in Société Générale Bénin
(1), including its branch Société
Générale Togo. According to the commitments made, the State of
Benin would take over all activities operated by this subsidiary,
as well as all Societe Generale’s client portfolios and all
employees within this entity.
This transaction would have a positive impact of approximately 2
basis points on the Group's CET1 ratio, on the expected completion
date which could take place by the end of the first quarter of
2025. The announcement of this agreement is expected to have a
negative accounting impact of approximately EUR -25 million on the
Group's Q3 2024 results. (2)
This divestment project is subject to the
approval of the entities’ governance bodies, the usual conditions
precedent and the validation of the relevant financial and
regulatory authorities.
(1) Including Société Générale
Côte d'Ivoire's 2.5%
shares in Société Générale Bénin and its
Société Générale Togo branch.
(2) Unaudited
figures.
Press contacts:
Jean-Baptiste Froville_+33 1 58 98 68 00 _
jean-baptiste.froville@socgen.com
Amandine Grison_+33 1 41 45 92 40_
amandine.grison@socgen.com
Societe Generale
Societe Generale is a top tier European Bank with more than
126,000 employees serving about 25 million clients in
65 countries across the world. We have been supporting the
development of our economies for 160 years, providing our
corporate, institutional, and individual clients with a wide array
of value-added advisory and financial solutions. Our long-lasting
and trusted relationships with the clients, our cutting-edge
expertise, our unique innovation, our ESG capabilities and leading
franchises are part of our DNA and serve our most essential
objective - to deliver sustainable value creation for all our
stakeholders.
The Group runs three complementary sets of businesses, embedding
ESG offerings for all its clients:
- French Retail, Private Banking
and Insurance, with leading retail bank SG and insurance
franchise, premium private banking services, and the leading
digital bank BoursoBank.
- Global Banking and Investor
Solutions, a top tier wholesale bank offering
tailored-made solutions with distinctive global leadership in
equity derivatives, structured finance and ESG.
- International Retail, Mobility
& Leasing Services, comprising well-established
universal banks (in Czech Republic, Romania and several African
countries), Ayvens (the new ALD I LeasePlan brand), a global player
in sustainable mobility, as well as specialized financing
activities.
Committed to building together with its clients a better and
sustainable future, Societe Generale aims to be a leading partner
in the environmental transition and sustainability overall. The
Group is included in the principal socially responsible investment
indices: DJSI (Europe), FTSE4Good (Global and Europe), Bloomberg
Gender-Equality Index, Refinitiv Diversity and Inclusion Index,
Euronext Vigeo (Europe and Eurozone), STOXX Global ESG Leaders
indexes, and the MSCI Low Carbon Leaders Index (World and
Europe).
For more information, you can follow us on Twitter/X
@societegenerale or visit our website societegenerale.com.
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