SocGen to Sell Bulk of Morocco Business in €745 Million Deal (1)

Societe Generale SA is selling the bulk of its Moroccan business to Saham Group in a €745 million ($798 million) deal, accelerating Chief Executive Officer Slawomir Krupa’s plan to streamline the lender.

The Paris-based bank has reached an agreement for the sale of its stake in Societe Generale Marocaine de Banques, its subsidiaries and stakes in insurance firm La Marocaine Vie, according to a statement Friday.

The deal, which is expected to close by the end of the year, should result in a gain of about 15 basis points in SocGen’s CET1 ratio, a key measure of financial strength. ...