PARIS (dpa-AFX) - Societe Generale (SCGLY.PK, SCGLF.PK, GLE.PA), a major French financial service provider, said on Tuesday that it has inked a memorandum of understanding with Credit Mutuel Arkea to sell Societe Generale Securities Services' custody account-keeping delegation activity dedicated to the French retail banking segment.
This activity covers the management of securities transactions, interest and dividend payments, and the holding of positions in securities accounts and equity savings plans.
Arnaud Jacquemin, Head of Societe Generale Securities Services, said: 'This proposed divestment is fully in line with our SGSS strategy, and we are convinced that Credit Mutuel Arkea will be the best shareholder to foster the development of this business.'
Credit Mutuel Arkea is expected to complete this acquisition via ProCapital, its subsidiary specializing in custody account-keeping. The transaction is expected to be closed in 2028.
Post transaction, ProCapital will become the securities services provider for SG French retail network, BoursoBank, and Societe Generale private banking in France.
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