Societe Generale Group, through Boursorama, has agreed to sell the entire stake of Boursorama in Self Trade Bank S.A.U., its Spanish subsidiary, to private equity fund Warburg Pincus.
This transaction is part of Societe Generale Group's continuous effort to simplify its setup to focus on its core businesses and create synergies within the Group. It will have a limited positive impact on Societe Generale Group’s financial ratios.
The sale is expected to close before the end of year, following completion of the necessary regulatory authorisations.
Societe Generale Group remains strongly committed to the Spanish market, notably through its Global Banking & Investor Solutions activities, specialised financing, and leasing and fleet management, and will continue in France the development of Boursorama, its leading online banking subsidiary with over 1.4 million customers.
Societe Generale and Boursorama were advised by Gide (partner Guillaume Rougier-Brierre and associate Natalia Li), and Cuatrecasas (partners Gerard Correig and Fernando Minguez Hernandez).
Warburg Pincus was advised by Garrigues.