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Societe Generale sells Belgian unit to ABN Amro

Societe GeneraleABN Amro Group is buying Societe Generale Private Banking, Societe Generale’s private banking subsidiary in Belgium. Details of the transactions have not been disclosed. ABN Amro said in a statement by combining ABN Amro’s existing private banking activities in Belgium with those of Societe Generale’s, it would strengthen its market position in Belgium and its position in the Eurozone as a leading private bank. The deal provides for ABN Amro to acquire all the activities carried out by Societe Generale Private Banking Belgium along with its client portfolios and employees. The Dutch bank also said that the acquisition will help its AUM in Belgium to nearly double to €12billion. Societe Generale has adopted a strategy to focus and develop its footprint in markets where it can become a top-tier bank, with a critical size and the potential for creating synergies with other group businesses.

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