Société Générale sells its Private Banking NV unit to ABN AMRO

By Bruno Reis

The French financial services firm, Société Générale, has announced it will be selling its Belgian private banking business.

Société Générale Private Banking NV will be sold to the Amsterdam-headquartered ABN AMRO.

The move sees the French bank follow its strategy to sell some of its smaller operations that lack potential for synergies, Reuters claims.

SEE ALSO:

The value of the deal has not been announced, however Société Générale announced the sale would have a “limited positive impact on the Group’s core equity tier one ratio.”

The deal is still subject to regulatory approval and is anticipated to be closed by the first quarter of next year.

“By combining ABN AMRO's existing private banking activities in Belgium with those of Societe Generale, ABN AMRO strengthens its market position in Belgium and its position in the Eurozone as a leading private bank,” the Dutch bank said in a statement.

Share

Featured Articles

Top 10 largest revenue generating family businesses in MENAT

From the UAE to Turkey, these family firms are the largest by revenue in MENAT and cover everything from energy to entertainment

Top 10 metaverse projects in the UAE, including world firsts

As Accenture predicts the metaverse will fuel a US$1 trilion commerce opportunity by 2025, we round up 10 pioneering metaverse projects in the UAE

PwC’s survey shows Middle East CEOs remain upbeat on growth

CEOs in the Middle East are far more optimistic about regional growth than those in North America and Europe, according to PwC’s annual survey

Opinion: “Why we must tackle the digital skills crisis"

Leadership & Strategy

5 Mins With: Kathryn Kaminsky Vice Chair Trust Solutions PwC

Leadership & Strategy

Survey: The Future of Cloud Security in the Middle East

Technology