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
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Societe Generale gears up for Lyxor asset management sale - sourcesSociete 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.
Read more »
Market bull John Stoltzfus: U.S. is best place to invest, cites less 'froth'Market bull John Stoltzfus: U.S. is best place to invest, cites less 'froth'' (via TradingNation)
Read more »
25 Things on Sale You’ll Actually Want to Buy: From Staub to Good AmericanIncluding a fuzzy Patagonia fleece for humans and a fuzzy fleece bed for dogs.
Read more »
Donald Trump to put forth nominee to replace Justice Ruth Bader Ginsburg in coming days: SourcesBREAKING: Senate Majority Leader Mitch McConnell, in statement on passing of Supreme Court Justice Ruth Bader Ginsburg, says, 'President Trump’s nominee will receive a vote on the floor of the United States Senate.'
Read more »
Burberry Is Bringing Its Signature Check to Face MasksA portion of sales of the new line will be donated to its COVID-19 fund.
Read more »
Outside groups gear up for expensive battle over Ruth Bader Ginsburg Supreme Court seatOutside groups are gearing up for an expensive battle over Ruth Bader Ginsburg's vacant seat on the Supreme Court.
Read more »