Societe Generale is gearing up to launch the sale of its asset management arm Lyxor as the French lender seeks to shore up its finances after two consecutive quarterly losses, two sources familiar with the matter told Reuters.
“It’s all been prepared and is ready to start, but the board has yet to sign it off,” the source said.
The unit posted a 21.6% decline in revenue to 40 million euros in the second quarter due to challenging market conditions and the fallout from the coronavirus crisis. Societe Generale’s boss Frederic Oudea is trying to strengthen the bank’s capital ratio and may also explore strategic options for its UK wealth management unit, Kleinwort Hambros, another source said.
As part of an asset disposal programme first launched in 2018, Societe Generale has parted ways with assets in Eastern Europe and last year agreed to sell its Nordics-based SG Finans division to Nordea BankThe bank said it would sell or close business lines that have not reached critical mass or do not generate synergies.
Reporting by David French in New York and Pamela Barbaglia in London; Additional reporting by Maya Nikolaeva in Paris; Editing by Jan Harvey
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