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SocGen to divest entire 35% stake in La Banque Postale Financement

Société Générale SA agreed to sell its 35% stake in La Banque Postale Financement SA to La Banque Postale SA, pending regulatory authorization.

The transaction, expected to complete during the first half of 2019, will have a positive impact of 5 basis points on Société Générale's common equity Tier 1 ratio and reduce its risk-weighted assets by roughly 600 million. Additionally, the group said it expects an approximately €35 million negative effect on its fourth-quarter earnings owing to goodwill impairment.

Société Générale will continue certain partnerships with the La Banque Postale group, mainly concerning joint subsidiary Transactis and the loan recovery and insurance service agreements.

The La Banque Postale Group is owned by the French postal service La Poste SA — which is in turn owned by the government of France. Following the transaction, it will own 100% of La Banque Postale Financement.