(Reuters) – France’s Societe Generale on Tuesday said it will divest its entire stake in its subsidiary of the Western Africa nation of Benin and its branch in the neighbouring nation, Togo.
The transaction is expected to have a negative accounting impact of approximately 25 million euros ($27.03 million) in the third quarter for the France’s third-biggest listed lender.
The French bank’s common equity tier 1 (CET1) will be positively impacted by approximately 2 basis points by the sale, which is expected to be completed in next year’s first quarter.
In December, the bank agreed to sell two African subsidiaries in Burkina Faso and Mozambique to pan-African banking group Vista Group.
Per deal terms, the state of Benin would take over all activities operated by the subsidiary, along with client portfolios and employees.
($1 = 0.9251 euros)
(Reporting by Urvi Dugar; Editing by Mark Porter)
