December 20, 2018 / 5:24 PM / 6 months ago

SocGen sheds its stake in France's Banque Postale Financement

PARIS (Reuters) - Societe Generale (SOGN.PA) said on Thursday it had agreed to sell its 35 percent stake in consumer credit business La Banque Postale Financement to its majority owner La Banque Postale.

The companies did not disclose the sale price, though Societe Generale said the disposal would have a 35 million-euro ($40.03 million) hit on its fourth quarter earnings due to a goodwill impairment on its investment.

The bank added that its Core Tier 1 capital ratio would edge up by 5 basis points following the deal.

Reporting by Sarah White; Editing by Matthias Blamont

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