November 9, 2018 / 7:29 AM / 4 days ago

SocGen sells 2.05 percent stake in Euroclear to Belgian state firm

PARIS, Nov 9 (Reuters) - French bank Societe Generale has sold a 2.05 percent stake in clearing house Euroclear to Belgian state-owned financial firm SFPI, SocGen said on Friday.

SocGen did not disclose the value of the stake.

SocGen said earlier this week that it had updated the value of its Euroclear holding by 271 million euros ($307 million) during the third quarter. The bank holds a stake of more than 5 percent in Euroclear.

The bank said the value of the full stake had more than doubled in its books. The capital gain on the stake boosted the bank’s net profit during the third quarter.

$1 = 0.8819 euros Reporting by Inti Landauro; Editing by Sudip Kar-Gupta

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