Groupe BPCE signed a memorandum of understanding to acquire Societe Generale Equipment Finance SA from Société Générale Société anonyme (ENXTPA:GLE) for approximately ?1.1 billion on April 10, 2024. Groupe BPCE would take over most of Societe Generale Equipment Finance?s activities excluding SGEF?s interests in the Czech Republic and Slovakia, which offer tailor-made financing and leasing solutions for distributors, traders, manufacturers and companies. The outstanding loans of the businesses covered by the Memorandum of Understanding amount to almost ?15 billion at the end of December 2023, i.e. around ?8 billion in risk-weighted assets (RWA).

This transaction would be done at a price of ?1.1 billion and would have an estimated positive impact of approximately 25 basis points on the Group?s CET1 ratio at the completion date. The project is subject to the applicable labor procedures and to obtaining approval from the competent regulatory bodies and anti-trust authorities. The transaction is expected to be completed for first-quarter 2025.

d'Angelin & Co. Ltd. acted as financial advisor to Société Générale.