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Societe Generale sells UK private bank arm

Published 05/08/2024, 12:29
© Reuters. Societe Generale sells UK private bank arm
SOGN
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Proactive Investors - Societe Generale (EPA:SOGN) has continued its retrenchment back to France with the sale of its UK and Swiss private banking arms to Union Bancaire Privee (UBP) for around €900 million.

Paris-based SocGen said the move was designed to make it more streamlined and efficient.

SocGen added the sale would strengthen its capital base and allow it more scope to focus on high-net-worth customers in France, Luxembourg and Monaco.

SG Kleinwort Hambros and Societe Generale Private Banking Suisse, the units being sold, had assets under management of around 25 billion euros as of the end of 2023.

UBP's assets under management amounted to SFr150.8 billion at the end of June.

SocGen has also 70% of the shares it owns in its Madagascar subsidiary.

Read more on Proactive Investors UK

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