SocGen takes 200 mln eur hit to exit Brazil consumer finance
PARIS Feb 3 (Reuters) - French bank Societe Generale said on Tuesday it would close its consumer finance operations in Brazil and book a 200 million euro ($229 million) hit in its fourth-quarter earnings as a result.
France's second-biggest bank also said that it was considering putting the loan portfolios from its two Brazilian consumer finance operations up for sale as part of a refocusing on corporate and institutional clients in the country.
"The overall financial impact of the closure is estimated at 200 million euros which will be accounted in the fourth quarter group results 2014," the bank said in statement.
"This operation will have no significant impact on the group capital ratios and will be beneficial on the return on equity of the group as soon as 2015," it added. ($1 = 0.8734 euros) (Reporting by Leigh Thomas; Editing by James Regan)
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