Societe Generale Sells 57.93% Stake in Guinea Unit
French bank Societe Generale announces a deal with Atlantic Financial Group to sell a majority stake in its Guinean operations, enhancing strategic focus.
In a significant strategic maneuver, Société Générale (SOGN.PA) announced on Friday its agreement with Atlantic Financial Group to divest a substantial 57.93% stake in its Guinean subsidiary. This move is part of Chief Executive Slawomir Krupa's broader initiative to enhance profitability and bolster capital reserves through rigorous cost-cutting measures and the divestiture of non-core assets, thereby optimizing the bank's overall performance metrics.
Earlier in August, the financial institution disclosed its intentions to offload its UK and Swiss private banking divisions for a staggering sum of approximately $1 billion. Furthermore, in April, Société Générale revealed a deal to relinquish its professional equipment financing segment for €1.1 billion (equivalent to $1.23 billion) and its stakes in Moroccan units for €745 million.
While the bank has opted to keep the financial specifics of the Guinean unit's sale under wraps, it did indicate in a formal statement that this transaction is anticipated to yield a positive impact of around 2 basis points on its Common Equity Tier 1 (CET1) ratio upon completion, which is projected to occur by the end of the first quarter of 2025.
In a world where financial institutions are often likened to ships navigating turbulent seas, one might say that Société Générale is trimming its sails and charting a course toward clearer waters, albeit with a few waves still to navigate.
Societe Generale Sells 57.93% Stake in Guinea Unit
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