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Broker Boursorama says British exit to hit 2014 net income
May 2, 2014 / 6:07 AM / 3 years ago

Broker Boursorama says British exit to hit 2014 net income

PARIS, May 2 (Reuters) - Boursorama, the online broker controlled by French bank Societe Generale, said on Friday that 2014 group net income would be close to zero because of costs tied to its exit from Britain.

Boursorama said in a statement that its Selftrade online brokerage in Britain had signed an exclusivity letter with Equiniti Group for the transfer of Selftrade’s client portfolio in 2014.

“Based on current projections, the costs associated with this transaction (transfer of the client portfolio and closure of the entity) will have a significant impact on Boursorama’s results and could lead to a net income of close to zero for the group for the financial year 2014,” it said.

Reporting by Dominique Vidalon; Editing by David Goodman

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