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SocGen Germany leasing unit on the block -report
August 21, 2012 / 11:08 AM / 5 years ago

SocGen Germany leasing unit on the block -report

PARIS, Aug 21 (Reuters) - French bank Societe Generale , which recently agreed the sale of its U.S. asset management unit TCW, is now looking to sell its substantially smaller German leasing unit, called Pema, financial newsletter Agefi reported on Tuesday.

Analysts expect SocGen, which lags larger domestic rival BNP Paribas in closely-watched Basel III capital ratios, to attempt to sell a number of its non U.S. units as it seeks to raise capital.

SocGen has mandated investment bank Rothschild to advise on the sale of the unit, which had revenues of 200 million euros ($246.82 million) in 2010 and pre-tax profit of 8 million euros in the first half of 2011, Agefi said, citing sources close to the matter.

Societe Generale declined to comment.

Private equity funds could be potential buyers of the unit, which leases 16,500 vehicles in Northern and Central Europe, the newsletter reported. ($1 = 0.8103 euros) (Reporting By Christian Plumb and Matthias Blamont; Editing by Helen Massy-Beresford)

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