By Pietro Lombardi

Societe Generale SA (GLE.FR) has entered into exclusive talks with My Money Bank to buy Socalfi, the French bank said Thursday.

Socalfi, which has 26 employees, is a subsidiary of My Money Bank in New Caledonia, where SocGen is present through its subsidiary Societe Generale Caledonienne de Banque.

"This acquisition project would allow SGCB to strengthen its local positions in the markets of consumer credit and equipment finance, which benefit from profitable growth potential," it said.

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

(END) Dow Jones Newswires

July 18, 2019 12:28 ET (16:28 GMT)

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