ABN Amro has completed the purchase of Societe Generale Private Banking NV, the Belgian private banking arm of French banking group Societe Generale.
The deal was first announced last July.
ABN Amro did not reveal how much it paid for the acquisition. However, it said that the takeover doubled its assets in Belgium to nearly €12bn.
“By combining ABN Amro’s existing private banking activities in Belgium with those of Societe Generale, ABN Amro strengthens its market position in Belgium and its position in the Eurozone as a leading private bank,” ABN Amro said in a statement.
ABN Amro also expects the deal to have a minor impact on its CET1 capital ratio.
As for Societe Generale, the deal forms part of its refocusing programme.
The bank has announced ten divestitures as part of this programme, which are believed to have a cumulated impact of 39 basis points on its CET1 ratio this year.
The latest move comes shortly after Societe Generale’s plan to axe thousands of jobs at its investment bank. The move was reported by Bloomberg.
The banking group recently announced its results for the fourth quarter of 2018.
Net banking income at Societe Generale asset and wealth management business line was €232m for the three months to December 2018, down 6% from the previous year.
Private Banking’s assets under management dropped 4% year-on-year to €113bn.