PARIS (Reuters) - French bank Societe Generale (SOGN.PA) has agreed to sell truck and trailer rental company PEMA to a unit of infrastructure investment company I Squared Capital, as SocGen pursues a restructuring plan aimed at selling non-core assets.
SocGen said on Friday it was selling PEMA to I Squared Capital’s unit TIP Trailer Services.
PEMA manages a fleet of around 19,000 vehicles in seven countries in Europe.
SocGen said the sale would have a positive impact on the bank’s core equity tier one capital ratio of around 2 basis points, but would also have a negative impact of 43 million euros ($47.9 million) on its second quarter results.
Reporting by Sudip Kar-Gupta and Matthieu Protard; Editing by Mark Potter