SocGen Agrees to Sell SGSS Retail Unit to Crédit Mutuel Arkéa

Societe Generale SA and Crédit Mutuel Arkéa have signed a memorandum of understanding for the sale of a key division of Societe Generale Securities Services.

Crédit Mutuel Arkéa is taking over the French retail custody business of Societe Generale, the banks said in a statement on Tuesday. Societe Generale had previously explored a €1 billion ($1.2 billion) sale of its entire securities services business.