Closing of the sale of Euro Bank to Bank Millennium

Societe Generale announces the closing of the sale of its retail banking subsidiary in Poland, Euro Bank, to Bank Millennium.

This transaction will improve the Group’s CET1 ratio by c. 8 basis points in the second quarter of 2019, bringing the cumulated impact of the disposals already closed as of today to ca. 28 basis points. the closing of the sale of its retail banking subsidiary in Poland, Euro Bank, to Bank Millennium.

These disposals are part of the Group’s refocusing program which is expected to have a cumulated impact ranging from +80 to +90 basis points (excluding EMC impact of around -10 basis points). 

Societe Generale will continue to provide Corporate and Investment Banking services in Poland, through its Global Banking and Investor Solutions business, and will remain present in the country in various other activities including ALD (fleet management), Insurance and Equipment Finance.