Societe Generale signs several agreements with Nordea Bank

 This new partnership agreement will reinforce the overall relationship between Societe Generale and Nordea

Societe Generale

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.

With this agreement, Societe Generale makes once again a major step in the execution of its refocusing plan and demonstrates its ability to enter into long term partnerships. Societe Generale Equipment Finance is a leading player in equipment finance and Societe Generale will continue to leverage on SGEF’s ability to accompany its international vendors and clients and support the real economy
Philippe Heim, Deputy Chief Executive Officer of Societe Generale group

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