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SocGen says to sell its German online broker to Commerzbank unit
December 9, 2016 / 12:04 PM / 9 months ago

SocGen says to sell its German online broker to Commerzbank unit

PARIS, Dec 9 (Reuters) - France’s Societe Generale said on Friday it has agreed to sell the entire stake in its German online broker Onvista AG to Commerzbank’s online banking unit Comdirect bank AG, as part of its plan to focus on its core and profitable operations.

SocGen, France’s second-biggest bank said the sale would have a limited positive impact on the group’s financial ratios and that it remained strongly committed to the German market through its corporate and investment banking, specialized lending and consumer finance activities. (Reporting by Maya Nikolaeva; Editing by Bate Felix)

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