Societe Generale announces the sale of its private banking activities in Belgium
Societe Generale announces that it has reached an agreement with ABN AMRO Bank N.V. to sell its private banking activities in Belgium.
The agreement plans the total buyout by ABN AMRO of Societe Generale Private Banking Belgium (SGPB Belgium), wholly-owned subsidiary of Societe Generale. ABN AMRO acquires all the activities conducted by the subsidiary, its client portfolios and employees.
This sale of SGPB Belgium’s activities is in line with the 2016-2020 “Transform to Grow” strategic plan whose primary objectives are to focus and develop Societe Generale’s presence on markets where it can position itself as a top-tier bank, with a critical size and the potential for generating synergies with other Group businesses.
Societe Generale Private Banking will focus on its development by strengthening its position in its key markets and core franchises through its operations - in France, the UK, Luxembourg, Switzerland and Monaco - and establishing new partnerships with international banking networks.
The transaction will have a limited positive impact on the Group’s Core Equity Tier One ratio. It does not concern Societe Generale’s other businesses in Belgium. The Bank remains fully engaged in Belgium through its activities in corporate and investment banking, specialised financing and leasing.
This transaction is subject to the approval of the relevant authorities.