Societe Generale group has agreed to sell the entire stake of Boursorama in Self Trade Bank to Warburg Pincus

Societe Generale group has agreed to sell the entire stake of Boursorama in Self Trade Bank to Warburg Pincus

Societe Generale group has agreed to sell the entire stake of Boursorama in Self Trade Bank to Warburg Pincus

The FINANCIAL -- Societe Generale group, through Boursorama, has agreed to sell the entire stake of Boursorama in Self Trade Bank S.A.U, its Spanish subsidiary, to Warburg Pincus.

This transaction is part of Societe Generale group continuous effort to simplify its setup to focus on its core businesses, as announced at the November 2017 Investor day.

This transaction will have a limited positive impact on Societe Generale group’s financial ratios, according to Societe Generale.

The sale is expected to close before end of year, following completion of the necessary regulatory authorizations.

Societe Generale group remains strongly committed to the Spanish market notably through its Global banking and Investor Solutions activities, specialised financing, and leasing and fleet management and will pursue in France the further development of Boursorama its leading online banking subsidiary with more than 1.4 million customers.