(Reuters) – Société Générale announced on Friday the conclusion of an agreement with the Moroccan conglomerate Groupe Saham for the sale of two of its subsidiaries in the country, as part of a transaction estimated at 745 million euros.
The agreement concerns the sale of Société Générale’s 57.67% stake in Société Générale Marocaine de Banques and the total sale of the stakes of Sogecap, the life insurance and capitalization branch of SocGen, in the company. La Marocaine Vie insurance, indicates the group in a press release.
The transaction, which is part of a broader divestment strategy, could take place by the end of 2024, the press release said.
On the Paris Stock Exchange, around 7:50 a.m. GMT, Société Générale shares rose by around 3.8% to 26 euros, at the top of the CAC 40 index, which recorded a gain of 1% at the same time.
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This sale comes following the announcement by the banking group, Thursday, of the signing of a memorandum of understanding with the BPCE group with a view to the sale of its subsidiary SGEF (Société Générale Equipment Finance) for an amount of 1.1 billion euros, as part of its strategic plan aimed at simplifying its portfolio of activities.
The third French bank by market capitalization indicated that the transaction would induce a negative accounting effect of around 75 million euros on its first quarter results, as well as a positive effect estimated at around 15 basis points on the CET1 ratio. of the group following the transaction.
SocGen and Saham Group have also agreed to enter into a long-term commercial partnership that would allow Societe Generale’s corporate clients operating in Morocco to engage with a local banking partner.
(Written by Augustin Turpin, with Dominique Vidalon; edited by Federica Mileo)
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