Société Générale to offload SG Finans leasing business
Société Générale (SocGen) is offering up its Nordic leasing business to bidders as it continues a strategy of exiting non-strategic sectors, according to Reuters.
The Nordic division, SG Finans, has 358 employees in Norway, Sweden and Denmark.It focuses on equipment finance solutions.
According to Reuters sources, the business is too isolated and fails to provide enough “synergy” for the group.
SG Finans has $4.19 billion of assets and recorded a pre-tax profit of $80.34 million in 2018.
SocGen is going through a restructuring following a series of costly settlements in 2018 which saw it pay out more than $1.3 billion for violating US sanctions.
In July, Bloomberg reported that the bank is looking to sell its UK private banking wing Kleinwort Hambros, with Julius Baer Group, EFG International and Bank J Safra Sarasin among the interested parties.
