August 9, 2012 / 4:36 PM / 5 years ago

SocGen sees capital lift from TCW sale

PARIS, Aug 9 (Reuters) - France’s No. 2 listed bank, Societe Generale, said on Thursday that the sale of its U.S. fund manager TCW, once closed, would lift its core capital ratio by 13 basis points under stricter Basel III rules.

SocGen said it had agreed to sell its stake in Los Angeles-based TCW to the unit’s management and Carlyle Group, as previously reported by Reuters. Financial details were not disclosed.

Fund manager Amundi, part-owned by SocGen with Credit Agricole, will also sell its stake in TCW as part of the deal.

A spokeswoman for SocGen said the bank, which took a goodwill writedown of about 200 million euros ($246.18 million)on TCW on its books at end-June, would take another goodwill charge as a result of the transaction. She did not divulge the size but said it would be smaller than the first. ($1 = 0.8124 euros) (Reporting by Lionel Laurent; Editing by Christian Plumb)

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