| |
NewswireTODAY - /newswire/ -
Paris, Ile-de-France, France, 2016/12/21 - Societe Generale announced that it has entered into a definitive agreement with the group OTP Bank to sell Splitska Banka (SGSB), its fully owned subsidiary in Croatia - SplitskaBanka.hr / SocieteGenerale.com.
|
| |
SGSB is the 5th largest bank in Croatia, which operates with its own full range of services and products totaling 3 543 MEUR of asset as of December 2015. The combination of SGSB and group OTP bank operations in Croatia will enable the creation of a more significant sized banking player in the country with a greater potential for development.
Central & Eastern Europe is a region where Societe Generale sees potential for future growth. The bank’s strategy in the region is to concentrate its presence in markets where it can be positioned among the Tier one banks with a suitable scale of operations in order to contribute materially to regional returns. Societe Generale will continue to seize consolidation opportunities in Central & Eastern Europe.
The transaction will have an impact of around -240 MEUR on the Group’s 4th quarter 2016 earnings and will generate at completion a positive impact on the Group’s financial ratios (CET1 + 8.5 bps).
This transaction is subject to the approval of all relevant authorities.
About Societe Generale
Societe Generale (societegenerale.com) is one of the largest European financial services groups. Based on a diversified universal banking model, the Group combines financial solidity with a strategy of sustainable growth, and aims to be the reference for relationship banking, recognised on its markets, close to clients, chosen for the quality and commitment of its teams.
Societe Generale has been playing a vital role in the economy for 150 years. With more than 145,000 employees, based in 66 countries, we accompany 31 million clients throughout the world on a daily basis. Societe Generale’s teams offer advice and services to individual, corporate and institutional customers in three core businesses:
• Retail banking in France with the Societe Generale branch network, Credit du Nord and Boursorama, offering a comprehensive range of omnichannel financial services on the leading edge of digital innovation;
• International retail banking, insurance and financial services to corporates with a presence in developing economies and leading specialised businesses;
• Corporate and investment banking, private banking, asset management and securities services, with recognised expertise, top international rankings and integrated solutions.
Societe Generale is included in the main socially responsible investment indices: DJSI (World and Europe), FTSE4Good (Global and Europe), Euronext Vigeo (Europe, Eurozone and France), ESI Excellence (Europe) from Ethibel and 4 of the STOXX ESG Leaders indices.
|
antoine.lheritier[.]socgen.com 
