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SocGen announced in a statement that it will sell its SG Kleinwort Hambros and Societe Generale Private Banking Suisse units, with a combined €25 billion in assets under management, to Swiss private bank Union Bancaire Privee.
According to a statement from the bank, the choice aligns with SocGen's plan to concentrate its Private Banking sector on clients in France, Luxembourg, and Monaco.
SocGen is also going to offload its Madagascar branch to the Swiss private bank Banque Populaire.
It is anticipated that the transactions will be finalized in the initial quarter of 2025.
SocGen's market value decreased by 16% since the start of 2024.
source: reuters.com
According to a statement from the bank, the choice aligns with SocGen's plan to concentrate its Private Banking sector on clients in France, Luxembourg, and Monaco.
SocGen is also going to offload its Madagascar branch to the Swiss private bank Banque Populaire.
It is anticipated that the transactions will be finalized in the initial quarter of 2025.
SocGen's market value decreased by 16% since the start of 2024.
source: reuters.com
