Societe Generale announced on Monday the signing of sale agreements with Union Bancaire Privée (UBP) for the sale of two subsidiaries for a total price of around 900 million euros.

The agreements provide for UBP, a Swiss private bank specializing in asset management, to take over all the activities, portfolios and employees of these entities, SocGen said in a press release.

The subsidiaries concerned, SG Kleinwort Hambros and Société Générale Private Banking Suisse, based in the UK and Switzerland respectively, manage some 25 billion in assets, the statement added.

France's third-largest bank by market capitalization says it expects the proceeds from these disposals to have a positive impact of around 10 basis points on its CET1 ratio.

Completion of the transactions is expected by the end of the first quarter of 2025, SocGen adds.

The Group has also

announced on Monday

in a separate press release that it had signed an agreement with BRED Banque Populaire for the sale of its Madgascar subsidiary.

(Written by Leo Marchandon, edited by Augustin Turpin)