Societe Generale announces the sale of Splitska Banka

Societe Generale announced today that it has entered into a definitive agreement with the group OTP Bank to sell Splitska Banka (SGSB), its fully owned subsidiary in Croatia.

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.