Societe Generale to sell two units to Swiss bank UBP for 900M euros

This photograph shows the logo of the Societe Generale Bank displayed outside the bank building, in Nantes, western France, on July 4, 2024. Michele Colamarino, manager of the L’Oro di Napoli restaurant in Nantes city centre, proudly shows his banker what he has done with the €15,000 renovation loan he obtained earlier this year. The chef, 33, from the Naples region is meeting Nicolas Reverse his adviser at Societe Generale, the new brand created by the merger between Societe Generale nd Credit du Nord, on this afternoon in July. (Photo by Sebastien Salom-Gomis / AFP)

Paris, France — French banking giant Societe Generale said Monday it was selling two subsidiaries — one in Britain and the other in Switzerland — to Swiss bank UBP for around 900 million euros ($984 million).

“Societe Generale has signed agreements with Union Bancaire Privee, UBP SA (UBP), a Swiss bank specialised in wealth and asset management, for the sale of SG Kleinwort Hambros and Societe Generale Private Banking Suisse operating respectively in the United Kingdom and Switzerland,” the bank said in a statement.

“The assets under management of the businesses covered by these agreements amount to almost 25 billion euros,” it added.

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The bank said it hoped the deals to be finalised by the first quarter of next year after approval by the relevant authorities.

“These sales are part of the execution of Societe Generale’s strategic roadmap targeting a streamlined, more synergetic and efficient business model, while strengthening the Group’s capital base,” the bank said.

“Societe Generale intends to pursue the development strategy of its private bank by relying on its leading positions in France and abroad, in Luxembourg and Monaco, to support its high-net-worth clients”.