SOCIETE GENERALE : SOCIETE GENERALE: CLOSING OF THE SALE OF THE STAKE IN
NATIONAL SOCIETE GENERALE BANK (NSGB)
Paris, 28 March 2013
CLOSING OF THE SALE OF THE STAKE INNATIONAL SOCIETE GENERALE BANK (NSGB)
Societe Generale finalised today the sale of its entire stake in its Egyptian
subsidiary National Societe Generale Bank (NSGB) to Qatar National Bank.
The closing of the transaction occurred after the settlement of the mandatory
tender offer into which Societe Generale tendered its 77.17% stake, as
previously communicated on the 12^th of December 2012.
Societe Generale received for its stake a payment of USD 1,967 MM (equivalent
to USD 1,974 MM net of foreign exchange transaction costs), representing a
multiple to the last stated book value of NSGB of 2.0x.
The transaction generates a net gain of EUR370 MM in Q1 2013 and increases
the Group's Basel 2.5 Core Tier 1 ratio by 32 bps.
Under Basel 3, the increase is expected to be 29 bps on a pro forma basis at
the end of 2013, in line with the announcement made on the 12^th of December
Societe Generale is one of the largest European financial services groups.
Based on a diversified universal banking model, the Group combines financial
solidity with a strategy of sustainable growth, and aims to be the reference
for relationship banking, recognised on its markets, close to clients, chosen
for the quality and commitment of its teams.
More than 154,000 employees, based in 76 countries, accompany 32 million
clients throughout the world on a daily basis. Societe Generale's teams offer
advice and services to individual, corporate and institutional customers in
three core businesses:
*Retail banking in France with the Societe Generale branch network, Credit
du Nord and Boursorama;
*International retail banking, with a presence in Central and Eastern
Europe, Russia, in the Mediterranean basin, in Sub-Saharan Africa, in Asia
and in the French Overseas Territories;
*Corporate and investment banking with a global expertise in investment
banking, financing and global markets.
Societe Generale is also a significant player in specialised financing and
insurance, private banking, asset management and securities services.
Societe Generale is included in the socially-responsible investment indices
FTSE4Good and ASPI.
For more information, you can follow us on twitter @societegenerale or visit
our website www.societegenerale.com.
CLOSING OF THE SALE OF THE STAKE IN NATIONAL SOCIETE GENERALE BANK
This announcement is distributed by Thomson Reuters on behalf of Thomson
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.
Source: SOCIETE GENERALE via Thomson Reuters ONE
Press spacebar to pause and continue. Press esc to stop.