This new partnership agreement will reinforce the overall relationship between Societe Generale and Nordea
Societe Generale signs several agreements with Nordea Bank. Source: shutterstock.com
French bank announced the selling of SG Finans AS, its equipment finance and factoring activities in Norway, Sweden, and Denmark, to Nordea Finance. It’s the asset-based finance & factoring arm of Nordea Bank, which is one of the largest financial services groups in the Nordics.
The transaction is expected to have a positive impact on the Group’s CET1 ratio of around 10 basis points. As to the negative impact, goodwill impairment and fixed asset impairments will cost around €100 million.
Along with that, Societe Generale Equipment Finance (SGEF) and Nordea Finance have entered into a commercial agreement. They aim to encompass the provision of mutual services in vendor solutions and equipment finance.
Collaboration is based on the geographical complementarity and combined strengths of the 2 institutions, offering a wide range of products and services to international vendors.
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