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SocGen says to sell its German online broker to Commerzbank unit

Published 09/12/2016, 12:36
Updated 09/12/2016, 12:50
© Reuters. The logo of the French bank Societe Generale is seen in front of the bank's headquarters building at La Defense business and financial district in Courbevoie near Paris
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PARIS (Reuters) - France's Societe Generale (PA:SOGN) said on Friday it has agreed to sell its German online broker Onvista AG to Commerzbank's (DE:CBKG) online banking unit Comdirect bank AG, as part of its plan to focus on its core and profitable operations.

Neither company disclosed financial terms of the deal.

SocGen, France's second-biggest bank said the sale would have a limited positive impact on the group's financial ratios and that it remained strongly committed to the German market through its corporate and investment banking, specialised lending and consumer finance activities.

SocGen owns Onvista, which is also a financial portal, via its online bank Boursorama.

"Societe General Group ... will also pursue the further development of Boursorama, its leading online banking subsidiary in France," the bank said in a statement.

© Reuters. The logo of the French bank Societe Generale is seen in front of the bank's headquarters building at La Defense business and financial district in Courbevoie near Paris

Onvista had 80,000 clients at the end of 2015 and employed 90 people in Frankfurt. Comdirect bank AG is 81 percent-owned by Commerzbank.

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