French banking giant Societe Generale announced Monday that it was selling two subsidiaries – one in the U.K. and the other in Switzerland – to UBP, one of the largest private banks in Switzerland, for around 900 million euros ($984 million).
"Societe Generale has signed agreements with Union Bancaire Privee, UBP SA (UBP), a Swiss bank specialized in wealth and asset management, for the sale of SG Kleinwort Hambros and Societe Generale Private Banking Suisse operating respectively in the U.K. and Switzerland," the bank said in a statement.
"The assets under management of the businesses covered by these agreements amount to almost 25 billion euros," it added.
The bank hoped the deals would be finalized by the first quarter of next year after approval by the relevant authorities.
"These sales are part of the execution of Societe Generale's strategic roadmap, which targets a streamlined, more synergetic, and efficient business model while strengthening the Group's capital base," the bank said.
"Societe Generale intends to pursue the development strategy of its private bank by relying on its leading positions in France and abroad, in Luxembourg and Monaco, to support its high-net-worth clients."
