Société Générale SA agreed to sell unit Boursorama SA's entire stake in German online broker OnVista AG to Commerzbank AG unit comdirect bank AG.
Financial terms of the deal were not disclosed. OnVista comprises an online broker, in the form of OnVista Bank GmbH, and a finance portal, in the form of OnVista Media GmbH.
OnVista Bank had AUM of about €2.1 billion as of September, with about 90,000 trading oriented-customers.
SocGen said Dec. 9 that the transaction, which is expected to close before the end of the first half of 2017, will have a limited positive effect on the group's financial ratios, adding that the withdrawal is part of its efforts to simplify its setup and to focus on its core and profitable businesses.
"Société Générale Group remains strongly committed to the German market notably through its corporate and investment banking, specialized financing and consumer finance platforms and will also pursue the further development of Boursorama," the group said.