Societe Generale Sells Retail Banking Subsidiary In Poland

Societe Generale (SCGLF.PK, SCGLY.PK) announced it has entered into an agreement to sell Euro Bank, its Retail banking subsidiary in Poland, to Bank Millennium. The Group said, on completion, the transaction will lead to a reduction of its risk weighted assets of 2 billion euros and improve the Group’s CET 1 ratio by 8 basis points.

Philippe Heim, Deputy CEO of Societe Generale Group in charge of International Retail Banking activities, Financial Services and Insurance, stated: “The sale of Euro Bank is a further step in the execution of Societe Generale’s Strategic and Financial plan “Transform to Grow”, whose primary objectives are to focus and develop its presence on markets and activities with a critical size and the potential for generating synergies with other Group businesses.”

Societe Generale will continue to provide Corporate and investment banking services in Poland, through its Global Banking and Investor Solutions business, and will remain present in the country in various other activities.