Societe Generale announces an agreement to acquire ITL
Societe Generale, through its subsidiary Franfinance, a leading provider in equipment finance, announces it has signed an agreement with Banque Française Mutualiste to acquire the equipment leasing company ITL, specialised in the environmental, manufacturing and healthcare sectors.
The healthcare market is a priority area of development for Franfinance. It is a growth sector characterised by extensive use of credit, with ongoing technological development, regular equipment renewals and resilience to economic cycles.
This acquisition will also be an opportunity for Franfinance, which is already active in energy savings, green energy production and new mobility solutions, to strengthen its positions in the environmental market, particularly in waste management and sanitisation. These are all sectors that show growth, driven by both societal and regulatory developments.
“This transaction will help strengthen our commercial positions by capitalising on ITL's recognised expertise among its 3,000 customers. We also aim to develop the Liz&Med digital platform, a marketplace for leasing medical equipment”, explains Frédéric Jacob-Peron, CEO of Franfinance.
The operation, which is subject to the approval of the competition authorities, is expected to be finalised during the first half of 2020. It will have no significant impact on Societe Generale group’s CET1 ratio.