Societe Generale has signed an agreement with the State of Benin which plans the total divestment of Societe Generale group’s shares (93.43%) in Société Générale Bénin, including its branch Société Générale Togo.
According to the commitments made, the State of Benin would take over all activities operated by this subsidiary, as well as all Societe Generale’s client portfolios and all employees within this entity.
This transaction would have a positive impact of approximately 2 basis points on the Group’s CET1 ratio, on the expected completion date which could take place by the end of the first quarter of 2025.
The announcement of this agreement is expected to have a negative accounting impact of approximately EUR -25 million on the Group’s Q3 2024 results. (2)
This divestment project is subject to the approval of the entities’ governance bodies, the usual conditions precedent and the validation of the relevant financial and regulatory authorities.
