French financial group Société Générale SA unit Boursorama SA agreed to sell Spanish unit Self Trade Bank SAU to U.S.-based private equity firm Warburg Pincus LLC and former Banco Santander SA CEO Javier Marín Romano.
The transaction is part of Société Générale's strategy to focus on core businesses. The French financial group expects to close the sale before the end of the year.
Terms were not disclosed, and Warburg Pincus did not specify how much of the company Marín would own.
The transaction is expected to have a limited impact on Société Générale's financial ratios.
