Swedish bank SEB offloads French unit
SEB sells France operations to Société Générale.
• Swedish bank SEB turns to Asian equities
SEB, Sweden's third-largest bank by market value, has reached an agreement to divest its operations in France to Société Générale, one of the main European financial services companies, the bank said Monday.
“SEB will through the divestment be able to service its customers in France with a broadened service and product offering, built on Société Générale's as well as SEB's total offering”, it said in a statement.
The transfer includes local staff.
The transaction, which is expected to be completed in the fourth quarter, is not expected to have any material impact on operating results.
Two weeks ago SEB’s chief executive officer Annika Falkengren told business daily Dagens Industri that there are at least three parties interested in buying the Swedish bank's German retail network.
Last Updated (Monday, 21 June 2010 14:36)
