SocGen to Sell Bulk of Morocco Business in €745 Million Deal
- CEO Slawomir Krupa’s plan to streamline bank accelerates
- Deal is expected to be completed by the end of the year
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Societe Generale SA is selling the bulk of its Moroccan business to Saham Group in a €745 million ($798 million) deal, accelerating Chief Executive Officer Slawomir Krupa’s plan to streamline the lender.
The Paris-based bank has reached an agreement for the sale of its stake in Societe Generale Marocaine de Banques, its subsidiaries and stakes in insurance firm La Marocaine Vie, according to a statement Friday.