The British and Swiss private banking divisions of the French bank Societe Generale, will be sold to Union Bancaire Privee (UBP) of Switzerland for 900 million euros ($983.8 million).
According to SocGen, as of the end of December 2023, the divisions being sold—SG Kleinwort Hambros private banking and Societe Generale Private Banking Suisse—had assets under management of about 25 billion euros.
To enhance its overall performance, SocGen plans to sell all of its secondary assets by the end of the first quarter of 2025.
Laptops 1000After SocGen lowered a critical performance goal for its French retail banking division, the company’s shares plummeted last week.
According to SocGen, the sale of Societe Generale Private Banking Suisse and SG Kleinwort Hambros will increase the company’s core equity tier 1 (CET1) capital ratio by about 10 basis points.
It further stated that it would now concentrate on its Monaco, Luxembourg, and France private banking operations.
