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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Société Générale    GLE   FR0000130809

SOCIÉTÉ GÉNÉRALE

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Societe Generale : to restart banking operations in Australia

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05/15/2019 | 10:21pm EDT
The logo of French bank Societe Generale is pictured at a bank buidling in Paris

(Reuters) - Paris-based Societe Generale said on Thursday it has received banking authorisation from Australia's financial regulator, years after winding down operations in the country.

Societe Generale, one of the world's biggest banks by assets, said the Australian Prudential Regulation Authority has given permission for the bank as a foreign authorised deposit-taking institution.

The French bank was one of the several foreign banks circling Australia once again, as they bet on resources and infrastructure investment gathering pace at a time when local banks were distracted by a government inquiry following a string of scandals.

The bank also said that company veteran Pascal Sefrin has been appointed as group country head for Australia.

A banking licence would allow Societe Generale to raise funds in Australia and lend to local companies directly rather than through its offshore operations.

(Reporting by Niyati Shetty in Bengaluru; Editing by James Emmanuel)

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Financials (€)
Sales 2019 24 663 M
EBIT 2019 6 797 M
Net income 2019 3 279 M
Debt 2019 -
Yield 2019 8,46%
P/E ratio 2019 6,50
P/E ratio 2020 5,85
Capi. / Sales 2019 0,82x
Capi. / Sales 2020 0,81x
Capitalization 20 218 M
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Mean consensus HOLD
Number of Analysts 22
Average target price 29,9 €
Spread / Average Target 20%
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Managers
NameTitle
Frédéric Oudéa Chief Executive Officer & Director
Lorenzo Bini Smaghi Chairman
Philippe Amestoy Head-Operations & Transformation
William Kadouch-Chassaing Group Chief Financial Officer
Carlos Goncalves Head-Global Technology Services
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