Societe Generale: The name of the future CEO will be known in the fall-2022 May 24, 10:04

(AOF) – The name of the successor to Frederick Udea, managing director of Societe Generale, will be known in the fall, bank president Lorenzo Vinismagi told the Italian economic and financial daily Ilsole 24 Ole. At the General Assembly on May 17, 2022, Frederick Udea, who has been Chief Executive Officer since 2008, announced in May 2023 that he would not seek a renewal of his term as Director and Chief Executive Officer.

AOF-Details

Key Point

1864 Bank, one of Europe’s leading financial services groups.

-Net banking revenue of € 25.8 billion generated by retail banking in France – Societe Generale, Crédit du Nord, Brusolama brand, international retail banking, financial services, insurance and retail banking solutions for customers and investors.

-A business model that claims to be a pioneer of positive transformation: 100% digital banks, open platforms and architectures, winners in the European leadership competition.

-Capital characterized by the presence of employee shareholders (6.65% and 11.9% of voting rights), 16 board of directors chaired by Lorenzo Bini Sumagi, managing director Frederick Udea.

-Equity of € 65.1 billion, CET 1 ratio of 13.7%, liquidity coverage ratio of 129%, leverage ratio of 4.9%, and therefore a solid balance sheet with debt rating A.

Task

-Vision 2025 Strategy Based on Merger with Crédit du Nord, Local Roots, Responsiveness, Adaptation to Customer Needs and Responsibilities:

-Group DNA-based innovation strategy focused on the emergence of data-driven banks with artificial intelligence: $ 200 million annual value creation with data and AI / 8/10 of servers in the cloud (2025 “2nd” Generations “Cloud) Goals including 50% for private clouds and 25% for public clouds / new business models-Shine for individual customers, Forge for digital obligations, reezocar for vehicle and treezor rentals, payment platform, Digital currency.

-Environmental Strategy Aiming to Become a Global Leader in Sustainable Finance on Two Axis: Integration of Standards in All Businesses: Providing 100% Responsible Savings, Supporting Customers in Energy Transition, Building Hydrogen Solutions … / Sustainable Transition Initiatives: Reduce global exposure to oil and gas mining by 10% by 2025, withdraw completely from steam coal by 2030-40, and prepare by 2023 Completely withdraw from the money-guaranteed loan.

-Continuous integration of Crédit du Nord completed in 2023.

-Financial availability to refocus on mobility after refocusing on activities (discussion on the purchase of Lease Plan by subsidiary ALD and the provision of alternative banking services by Boursorama to ING’s French customers).

Task

-Net assets per share of 68.7 euros compared to the stock market price.

-Impact of the war between Russia and Ukraine: The disposal of Rosbank shares reduced the CET ratio to about 13.5% and net income to fall by about 2 billion euros.

-The 2022 goal is to sharply increase the cost / revenue ratio by 66-68% and reduce risk costs by 30 basis points.

-The dividend for 2021 is 1.65 euros and the stock program, that is, the total distribution rate is 50%.

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