SOCIETE GENERALE

Société Générale S.A. is a French universal bank founded in 1864 and headquartered in Paris–La Défense, listed on Euronext Paris and included in the CAC 40 index. The group reports across three main areas: French Retail (the “SG” network formed by merging Société Générale and Crédit du Nord, plus Boursorama), International Retail and Financial Services (notably Komerční banka in the Czech Republic, BRD in Romania, consumer finance, insurance, and the majority stake in vehicle leasing company Ayvens, formerly ALD/LeasePlan), and Global Banking and Investor Solutions (corporate and investment banking, markets, financing, advisory, and securities services). Since 2023, under CEO Slawomir Krupa, the bank has pursued a plan focused on capital discipline, cost reduction, and portfolio simplification, including the completion of the French branch-network merger into “SG,” the 2022 exit from Russia via the Rosbank disposal, and signed agreements to sell several African subsidiaries and its stake in the Moroccan unit, subject to regulatory approvals. The group has also announced the planned sale of most of its equipment finance activities to BPCE, pending approvals. Boursorama has expanded rapidly and is now among the largest digital banks in France by customers, with continued acquisition spending that weighs on near-term profitability while supporting deposit growth. The bank targets a return on tangible equity improvement by 2026, maintains a capital distribution policy referencing 40–50% of underlying net income (split between cash dividends and share buybacks, subject to conditions), and as of mid-2024 reported a CET1 ratio around the low‑to‑mid‑13% area, liquidity coverage comfortably above regulatory minima, and a low single‑digit non‑performing loan ratio. Long‑term issuer ratings are in the A/A1 area at major agencies, with MREL/TLAC requirements met through a program of senior non‑preferred and other eligible debt. Société Générale has a history of compliance and conduct incidents, including the 2008 trading loss linked to Jérôme Kerviel and 2018 U.S. settlements related to sanctions and other matters, and continues to operate under evolving risk, conduct, and ESG commitments, including sectoral lending policies for fossil fuels. The shareholder base is widely held with a significant free float and employee ownership; the board is chaired by Lorenzo Bini Smaghi.