SocGen Sells Majority Stake in Moldovan Business to OTP
06 February 2019 - 7:01PM
Dow Jones News
By Pietro Lombardi
Societe Generale SA (GLE.FR) is selling its majority stake in
Moldova's Mobiasbanca Societe Generale to OTP Bank (BISI.RS).
The deal, the financial details of which weren't disclosed, will
negatively affect the French bank's results by 28 million euros
($32 million) for the last quarter of 2018, it said Wednesday. The
amount is included in a previously announced EUR240 million
exceptional charge for the quarter, the bank said.
It will also add one basis point to SocGen's core Tier 1
ratio.
The transaction, which is subject to approval by relevant
authorities, should take place in the coming months, SocGen
said.
The two banks also signed a cooperation agreement focused on
services in different fields.
The deal represents another step in SocGen's strategy of
optimizing capital and refocusing international retail banking
activities in areas where it has "a critical size and high
potential synergetic activities," Deputy Chief Executive Philippe
Heim said.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
February 06, 2019 02:46 ET (07:46 GMT)
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