As part of the development of its new strategic plan, to be announced in June, Groupe BPCE announces the signature of a memorandum of understanding with Société Générale with a view to acquiring the activities of Société Générale Equipment Finance (SGEF).

One of Europe's leading industrial equipment leasing companies, with 1,600 employees and a presence in 25 countries, SGEF achieves annual production of around six billion euros for outstanding loans of 15 billion.

This project will enable BPCE to realize its international growth ambitions, diversify its revenues and strengthen its ability to create value. The acquisition will be carried out at a price of 1.1 billion euros and will impact BPCE's CET1 ratio by around -40 basis points.

Subject to applicable social procedures and the approval of the relevant regulatory and competition authorities, completion of the planned transaction is scheduled for the first quarter of 2025.

Copyright (c) 2024 All rights reserved.