Societe Generale to sell two units to Swiss bank UBP

PARIS

French banking giant Societe Generale has said it was selling two subsidiaries, one in Britain and the other in Switzerland, to Swiss bank UBP for around 900 million euros ($984 million).

"Societe Generale has signed agreements with Union Bancaire Privee, UBP SA (UBP), a Swiss bank specialised in wealth and asset management, for the sale of SG Kleinwort Hambros and Societe Generale Private Banking Suisse operating respectively in the United Kingdom and Switzerland," the bank said in a statement on Monday.

"The assets under management of the businesses covered by these agreements amount to almost 25 billion euros," it added.

The bank said it hoped the deals to be finalised by the first quarter of next year after approval by the relevant authorities.

"These sales are part of the execution of Societe Generale's strategic roadmap targeting a streamlined, more synergetic and efficient business model, while strengthening the Group's capital base," the bank said.

"Societe Generale intends to pursue the development strategy of its private bank by relying on its leading positions in France and abroad, in Luxembourg and Monaco, to support its high-net-worth clients."