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FINANCIALS: SocGen Selling Two Wealth Units: Shouldn't Be Spread Material

FINANCIALS
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SocGen (SOCGEN: Baa2 neg/BBB/A- pos) is selling its private banking units in UK & Switzerland to UBP for EUR900m. CET1 seen rising c.10bp on this news, looks around a 5% deal (market cap terms), likely some minor EPS dilution but shouldn’t meaningfully alter spreads, we feel.

  • “*Societe Generale to Sell SG Kleinwort Hambros, Societe Generale Private Banking Suisse
  • *Societe Generale to Sell Private Banking Subsidiaries in U.K., Switzerland to UBP
  • Societe Generale to Sell U.K., Swiss Subsidiaries to UBP For $982 Million” – DJ
  • “*SOCGEN: DEAL IS TOTAL PRICE OF AROUND EU900M INCLUDING EQUITY” - BBG
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SocGen (SOCGEN: Baa2 neg/BBB/A- pos) is selling its private banking units in UK & Switzerland to UBP for EUR900m. CET1 seen rising c.10bp on this news, looks around a 5% deal (market cap terms), likely some minor EPS dilution but shouldn’t meaningfully alter spreads, we feel.

  • “*Societe Generale to Sell SG Kleinwort Hambros, Societe Generale Private Banking Suisse
  • *Societe Generale to Sell Private Banking Subsidiaries in U.K., Switzerland to UBP
  • Societe Generale to Sell U.K., Swiss Subsidiaries to UBP For $982 Million” – DJ
  • “*SOCGEN: DEAL IS TOTAL PRICE OF AROUND EU900M INCLUDING EQUITY” - BBG