July 26, 2019 / 6:24 AM / 4 months ago

French bank SocGen sells auto leasing firm PEMA to unit of I Squared Capital

FILE PHOTO: The logo of French bank Societe Generale is pictured at a bank buidling in Paris, France, April 10, 2019. REUTERS/Christian Hartmann/File Photo

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

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