France’s Société Générale has agreed to sell its British and Swiss private banking divisions for €900mn to Union Bancaire Privée as part of a drive by chief executive Slawomir Krupa to ditch less profitable businesses.
The disposals are the latest in a series initiated by Krupa since taking over just over a year ago, designed to refocus the French lender after a series of restructurings over the past 15 years and build up its capital.
On Monday, France’s third-biggest bank by market value said it was selling SG Kleinwort Hambros in the UK and Société Générale Private Banking Suisse to Geneva-based UBP. The divisions have about €25bn in assets under management between them.
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