Societe Generale signs two exclusive agreements to sell its private banking’s subsidiaries in the United Kingdom and Switzerland
05 August 2024 - 3:00PM
UK Regulatory
Societe Generale signs two exclusive agreements to sell its private
banking’s subsidiaries in the United Kingdom and Switzerland
SOCIETE GENERALE SIGNS TWO EXCLUSIVE
AGREEMENTS TO SELL ITS PRIVATE BANKING’S SUBSIDIARIES IN
THE
UNITED KINGDOM AND SWITZERLAND
Press release
Paris, 05 August 2024 at 7:00 am
Societe Generale has signed agreements
with Union Bancaire Privée, UBP SA (UBP), a Swiss bank specialised
in wealth and asset management, for the sale of
SG Kleinwort Hambros and
Societe Generale Private Banking
Suisse operating respectively in the United
Kingdom and Switzerland.
These sales are part of the execution of Societe
Generale's strategic roadmap targeting a streamlined, more
synergetic and efficient business model, while strengthening the
Group’s capital base. Societe Generale intends to pursue the
development strategy of its private bank by relying on its leading
positions in France and abroad, in Luxembourg and Monaco, to
support its high-net-worth clients thanks to its expertise and
recognised services.
The assets under management of the businesses
covered by these agreements amount to almost €25 billion at the end
of December 2023. These transactions would be structured as sales
of relevant legal entities. They would be implemented at a total
price of around EUR 900 million including equity with a
positive impact of around 10 basis points on the Group's CET1
ratio, on the expected completion dates which could take place by
the end of the first quarter of 2025.
(1)
According to the commitments made in these
agreements, UBP would take over all activities operated by SG
Kleinwort Hambros and Societe Generale Private Banking
Suisse, as well as all client portfolios and employees within
these entities.
These two divestment projects are subject to the
applicable social procedures, the usual conditions precedent and to
approval by the relevant financial and regulatory authorities.
(1)
Unaudited figures
Press contacts:
Jean-Baptiste Froville_+33 1 58 98 68 00 _
jean-baptiste.froville@socgen.com
Amandine Grison_+33 1 41 45 92 40_
amandine.grison@socgen.com
Societe Generale
Societe Generale is a top tier European Bank
with more than 126,000 employees serving about 25 million clients
in 65 countries across the world. We have been supporting the
development of our economies for 160 years, providing our
corporate, institutional, and individual clients with a wide array
of value-added advisory and financial solutions. Our long-lasting
and trusted relationships with the clients, our cutting-edge
expertise, our unique innovation, our ESG capabilities and leading
franchises are part of our DNA and serve our most essential
objective - to deliver sustainable value creation for all our
stakeholders.
The Group runs three complementary sets of businesses, embedding
ESG offerings for all its clients:
- French
Retail, Private Banking and Insurance, with leading retail
bank SG and insurance franchise, premium private banking services,
and the leading digital bank BoursoBank.
- Global
Banking and Investor Solutions, a top tier wholesale bank
offering tailored-made solutions with distinctive global leadership
in equity derivatives, structured finance and ESG.
- Mobility,
International Retail Banking and Financial
Services, comprising well-established universal banks
(in Czech Republic, Romania and several African countries), Ayvens
(the new ALD I LeasePlan brand), a global player in sustainable
mobility, as well as specialized financing activities.
Committed to building together with its clients
a better and sustainable future, Societe Generale aims to be a
leading partner in the environmental transition and sustainability
overall. The Group is included in the principal socially
responsible investment indices: DJSI (Europe), FTSE4Good (Global
and Europe), Bloomberg Gender-Equality Index, Refinitiv Diversity
and Inclusion Index, Euronext Vigeo (Europe and Eurozone), STOXX
Global ESG Leaders indexes, and the MSCI Low Carbon Leaders Index
(World and Europe).
For more information, you can follow us on
Twitter/X @societegenerale or visit our website
societegenerale.com.
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