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SocGen unit to acquire equipment leasing firm

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SocGen unit to acquire equipment leasing firm

Société Générale SA unit Franfinance SA has agreed to acquire ITL Equipment Finance sas from Banque Française Mutualiste.

The deal, which is subject to regulatory approval, is expected to complete in the first half. Terms of the deal were not disclosed.

The acquisition of ITL, an equipment leasing company specialized in the environmental, manufacturing and healthcare sectors, will allow Franfinance to strengthen its positions in the healthcare and environmental market.

SocGen said the transaction is not expected to have a significant impact on the group's common equity Tier 1 ratio.