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The French lender is simplifying its business under chief executive Slawomir Krupa

Investment Banking Editor

Societe Generale is set to sell its equipment financing unit to rival Groupe BPCE as the French lender looks to simplify its business under new chief executive Slawomir Krupa.

The bank has signed a memorandum of understanding to sell Societe Generale Equipment Finance to Groupe BPCE, with the sale price agreed at €1.1bn, it said in a statement on 11 April.

SocGen to sell equipment finance division to Groupe BPCE for €1.1bn

Paul Clarke

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