France's Societe Generale to Sell Greek Unit to Piraeus Bank

World | October 19, 2012, Friday // 17:50|  views

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French bank Societe Generale announced Friday that it has entered into a definitive agreement with Piraeus Bank to sell its entire 99.08% stake in its Greek subsidiary Geniki Bank for EUR 1 M.

Societe Generale has said that the operation would negatively affect third quarter earnings by about EUR 100 M.

The signing of this agreement marks the successful conclusion of the negotiations between Societe

Generale and Piraeus Bank following the announcement on 3 October 2012 that the parties had

entered into exclusive discussions, Societe Generale has stated in a press release.

The transaction has been approved by the Board of the Hellenic Financial Stability Fund (HFSF).

The transaction is expected to be completed before year end, subject in particular to the obtaining of

final regulatory approvals.

On Wednesday, France's Credit Agricole agreed to sell its Greek banking unit Emporiki to Alpha Bank for EUR 1.

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Tags: societe generale, bank, Piraeus Bank, geniki


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