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BANCO COMERCIAL PORTUGUÊS, S.A.

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SocGen sells Polish Euro Bank for $484 million

11/05/2018 | 05:30am EDT
The logo of Societe Generale is pictured outside the headquarters of the French bank at the financial and business district of La Defense at Puteaux near Paris

WARSAW/PARIS (Reuters) - France's Societe Generale has sold its Euro Bank business in Poland to Bank Millennium for 1.83 billion zlotys (372 million pounds), further reducing its exposure to eastern Europe.

The deal ties in with plans by Millennium's Portuguese owner BCP to find new areas of growth and indicates the trend towards consolidation in the fragmented Polish banking sector.

SocGen, one of the lowest-scoring banks in the latest European stress tests, is shedding assets to focus on its core businesses. It announced a deal in August to sell its banks in Bulgaria and Albania to Hungary's OTP Bank.

The Polish sale will lead to a 2 billion euro ($2.3 billion) reduction in SocGen's risk-weighted assets and boost its tier-one capital ratio by 8 basis points.

Analysts at brokerage Jefferies wrote that the EBA's stress test was of limited impact for SocGen and other French banks, since "the capital positions have improved materially since the last test."

Despite its low ranking, SocGen nevertheless passed the threshold set by the European Banking Authority (EBA) in the latest health check on the sector.

Analysts at Keefe, Bruyette & Woods (KBW) also said the deal was a good one for parent company BCP.

"At first glance we believe this transaction will be well received," wrote KBW, which kept an "outperform" rating on the shares of Portugal's BCP.

BIGGER NETWORK

Euro Bank is the 17th largest Polish bank with assets of 14 billion zlotys, and is more than 20 times smaller than the country's biggest lender PKO BP. Last year, it made a net profit of 103 million zlotys.

Millennium, the seventh largest player in Poland, said its distribution network would more than double thanks to the takeover. It added at a presentation on Monday that it saw integration costs from the deal at 350 mln zloty over the 2019-2022 period, with 650 million zloty of synergies in 5 years from the acquisition.

Societe Generale said it would continue to provide Corporate and investment banking services in Poland and will remain present in the country in various other activities.

The deal is expected to close in the first half of 2019 and is still subject to the approval of Poland's financial market regulator KNF and antimonopoly authorities.

Bank Millennium also said it did not plan to issue new shares to finance the deal.

(Reporting by Sudip Kar-Gupta in Paris and Agnieszka Barteczko in Warsaw; Additional reporting by Lawrence White in London; Editing by Gopakumar Warrier/Keith Weir)

By Marcin Goclowski and Sudip Kar-Gupta


© Reuters 2018
Stocks mentioned in the article
ChangeLast1st jan.
BANCO COMERCIAL PORTUGUÊS, S.A. 2.45% 0.1753 Real-time Quote.24.13%
BANCO SANTANDER, S.A. 1.59% 2.813 Delayed Quote.-6.14%
BANK MILLENNIUM S.A. -0.15% 4.06 Delayed Quote.-50.43%
CRÉDIT AGRICOLE S.A. 1.91% 9.273 Real-time Quote.-26.86%
OTP BANK NYRT. 0.55% 8400 End-of-day quote.-49.40%
PKO BANK POLSKI S.A. 2.02% 29.31 Delayed Quote.-35.66%
SOCIÉTÉ GÉNÉRALE 2.21% 23.145 Real-time Quote.-24.52%
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Sales 2022 2 592 M 2 750 M 2 750 M
Net income 2022 266 M 282 M 282 M
Net Debt 2022 - - -
P/E ratio 2022 9,04x
Yield 2022 0,08%
Capitalization 2 586 M 2 744 M 2 744 M
Capi. / Sales 2022 1,00x
Capi. / Sales 2023 0,97x
Nbr of Employees 15 744
Free-Float 48,5%
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Miguel Maya Dias Pinheiro Third Vice Chairman & Chief Executive Officer
Nuno Manuel da Silva Amado Chairman
Pedro Manuel Francisco da Silva Dias Group Compliance Officer
Cidália Maria da Mota Lopes Independent Non-Executive Director
Teófilo Cesar Ferreira da Fonseca Independent Non-Executive Director