Société Générale sells its Private Banking NV unit to ABN AMRO

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.

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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.