Societe Generale agrees to sell Madagascar subsidiary to BRED Banque Populaire

Societe Generale has signed an agreement with BRED Banque Populaire which would result in the total divestment of Societe Generale Group’s shares — 70% — in Societe Generale Madagasikara, in Madagascar. According to the commitments made, BRED Banque Populaire would take over all activities operated by this subsidiary, as well as all client portfolios and employees within this entity. This transaction would have a positive impact of around 2 basis points on the Group’s CET1 ratio, on the expected completion date which could take place by the end of the first quarter of 2025. This divestment project is subject to the usual conditions precedent and the validation of the relevant financial and regulatory authorities.