Société Générale announces that it has signed agreements with Union Bancaire Privée (UBP), a Swiss bank specializing in wealth and asset management, with a view to selling SG Kleinwort Hambros and Société Générale Private Banking Suisse.

The French bank specifies that these two private banking subsidiaries, operating in particular and respectively from London and Geneva, together represented nearly 25 billion euros in assets under management at the end of December 2023.

These transactions would be carried out at a total price of around 900 million euros including shareholders' equity, with a positive impact of around 10 basis points on the Group's CET1 ratio at their expected completion dates by the end of the first quarter of 2025.

These divestment projects, subject to the usual procedures and conditions, are part of the execution of Societe Generale's strategic roadmap 'aimed at shaping a simplified, more synergetic and high-performance model', while strengthening its capital.

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