Continuing to "slim down"! Société Générale sells UK and Swiss wealth management business for 900 million euros
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Société Générale has agreed to sell its wealth management business in the UK and Switzerland to a joint private bank for 900 million euros, indicating progress in streamlining the bank. This is part of the bank's ongoing "slimming down" efforts, with CEO Slawomir Krupa planning to divest low-profit businesses and increase capital. Despite investors not being enthusiastic about this strategy, these transactions are expected to increase Société Générale's CET1 ratio by around 10 basis points. The transaction is expected to be completed in the first quarter of 2025
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