Societe Generale signed an agreement on 30 July 2024 with the State of Benin for the sale of its 93.43% shareholding in Societe Generale Benin, the French banking group announced in a press release published on its website. The transaction includes SG Benin's branch in Togo. Completion is expected by the end of the first quarter of 2025, subject to the receipt of customary regulatory approvals from the relevant supervisory authorities.
Under the terms of the agreement, the State of Benin will assume control of all operations, client portfolios, and employees of Societe Generale Benin.
FINANCIAL IMPACT ON SOCIETE GENERALE GROUP
Societe Generale said the transaction would generate an accounting impact of approximately minus €25 million on its third-quarter 2024 results.
Societe Generale said the sale would have a positive impact of around 2 basis points on the group's CET1 ratio at completion.