SocGen Agrees to Sell Serbian Unit to OTP Bank
20 December 2018 - 7:23PM
Dow Jones News
By Alberto Delclaux
Societe Generale SA (GLE.FR) has agreed to sell its Serbian unit
to OTP Bank (BISI.RS), the French lender said on Thursday.
The deal will result in a 108 million-euro ($123 million) hit to
the bank's fourth-quarter results, mainly due to goodwill
impairment, it said, without disclosing the sale price.
SocGen expects the divestment will have a positive impact of
about 8 basis points on its core Tier 1 ratio--a key measure of
capital strength--and will reduce its risk-weighted assets by about
EUR1.95 billion.
The French group expects to close the transaction in the coming
months, and said it will remain present in Serbia through its
fleet-management activities.
Write to Alberto Delclaux at alberto.delclaux@dowjones.com
(END) Dow Jones Newswires
December 20, 2018 03:08 ET (08:08 GMT)
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