Société Générale: agreement for divestments in Morocco
The transaction would be priced at 745 million euros and would have an estimated positive effect of around 15 basis points on the group's CET1 ratio, but would have a negative accounting impact of around -75 million euros on its results for the first quarter of 2024.
Completion of the transaction, which is subject to the usual conditions precedent, notably the approval of the relevant regulatory authorities, could take place by the end of this year.
Société Générale and Saham have also outlined a long-term commercial partnership that would enable the French bank's corporate customers operating in Morocco to call on a local banking partner.
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