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Société Générale to buy CaixaBank’s entire shareholding in Boursorama

Société Générale to buy CaixaBank’s entire shareholding in Boursorama

(22 June 2015 – France/Spain) Société Générale Group announced the acquisition of the entire 20.5 percent stake in its Boursorama unit held by Spanish lender CaixaBank, giving the French bank full control over the growing online bank.

The price paid by Société Générale Group will be the same than the one offered to minority shareholders during last year’s simplified takeover offer and squeeze out procedure), meaning €12 (A$17.40) per share.

Following this acquisition, Société Générale Group will remain the sole shareholder of Boursorama with 100% of the share capital and of the voting rights.

In a statement, Société Générale Group said the strengthening in the capital of Boursorama, the leading online bank in France, is part of the Group's strategy to pursue its development in online banking.

The operational set-up of Boursorama will remain unchanged following the transaction.

Société Générale Group also announced that Boursorama is buying CaixaBank’s whole stake in their Spanish joint venture SelfTrade Bank, representing 49 percent of the share capital.

This transaction will also terminate the joint venture and the shareholders agreements signed in July 2008 by Boursorama and CaixaBank.

The operational set-up of SelfTrade Bank will remain unchanged following the transaction.

These transactions will have a non-significant negative impact, below 5bps, on Société Générale Group fully loaded CET1 ratio.

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