Societe Generale Sells SKB in Slovenia to OTP Bank
May 03 2019 - 1:43AM
Dow Jones News
By Pietro Lombardi
Societe Generale SA (GLE.FR) said Friday it is selling its SKB
business in Slovenia to OTP Bank (BISI.RS).
The deal is the latest in a string of sales that are part of
SocGen's plan to rejig its geographical presence.
The sale, which generated a 67 million-euro ($75 million)
capital loss included in the first-quarter results, will have a
positive impact on the bank's core tier 1 ratio, a key measure of
capital strength.
"We are continuing to steadily implement our refocusing program,
with the announcement this morning of the disposal of our SKB
subsidiary in Slovenia," Chief Executive Frederic Oudea said.
SocGen has sold businesses in Serbia, Albania, Bulgaria and
other countries over the past months.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
May 03, 2019 01:28 ET (05:28 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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