Société Générale Group is reinforcing its private banking business in Europe with the acquisition of Banque De Maertelaere in Belgium.

SG Group is acquiring 100% of the shares in the Belgian bank for €78m ($71.7m). SG will simultaneously sell 5.6% of the bank's capital to Banque De Maertelaere's current management team and key managers.The transaction has been approved by the relevant regulatory bodies.