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

SOCIÉTÉ GÉNÉRALE

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Societe Generale : SocGen's Oudea speeds up overhaul as shares hit rock bottom

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09/23/2020 | 09:52am EDT
FILE PHOTO: Euronext stock exchange's annual conference in Paris

Societe Generale is considering merging its two French retail networks in an attempt to boost profitability, after two consecutive quarterly losses due to poor trading results.

SocGen's shares are near historic lows and its chief executive Frederic Oudea is speeding up initiatives to overhaul the bank, which is the third biggest listed lender in France.

French retail banking accounts for a third of the overall revenue at Societe Generale, which mainly operates under two different brands - Societe Generale and Credit du Nord.

SocGen said a combination would have about 10 million clients and a stronger foothold in France's regions, as well as generating significant synergies to boost profitability.

"We want to speed up structuring initiatives to strengthen our business model of (a) diversified European banking group," Oudea said in a statement on Wednesday.

Shares in SocGen were up 2.3% to 11.9 euros at 1234 GMT, just above their lowest level in 27 years of 11.3 euros, after it said the review would be completed by the end of November.

SocGen is to present a new strategic plan in the first half of 2021.

The bank said it would look at "the conditions for implementing a single information system" and the eventual project would have a "social" dimension that would be subject to discussions and consultations with unions.

Any eventual layoffs could meet stiff resistance from unions and local politicians.

Right-wing heavyweight Xavier Bertrand, current head of Hauts-de-France, a region in northern France, said on Twitter that he had demanded a meeting with Oudea to obtain some guarantees on jobs in his region.

SocGen's CGT labour union said that a commitment not to resort to layoffs on behalf of the management was required.

SocGen has a nationwide banking network with 20,700 employees, 7.3 million clients and 1,749 branches, which are mainly in urban areas.

The Credit du Nord network, meanwhile, has around 8,200 employees, 2.4 million clients and 679 branches, rooted in the regions, with a focus on serving entrepreneurs.

SocGen said it would keep its online bank Boursorama independent.

By Maya Nikolaeva


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Financials
Sales 2020 21 709 M 25 749 M 25 749 M
Net income 2020 -1 145 M -1 358 M -1 358 M
Net Debt 2020 - - -
P/E ratio 2020 -8,72x
Yield 2020 1,81%
Capitalization 10 833 M 12 823 M 12 849 M
Capi. / Sales 2020 0,50x
Capi. / Sales 2021 0,47x
Nbr of Employees 138 000
Free-Float 92,4%
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Technical analysis trends SOCIÉTÉ GÉNÉRALE
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TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
Sell
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Mean consensus HOLD
Number of Analysts 23
Average target price 16,51 €
Last Close Price 12,75 €
Spread / Highest target 123%
Spread / Average Target 29,5%
Spread / Lowest Target -33,3%
EPS Revisions
Managers
NameTitle
Frédéric Oudéa Chief Executive Officer & Director
Lorenzo Bini Smaghi Chairman
William Kadouch-Chassaing Group CFO, Deputy General manager & Head-Finance
Carlos Goncalves Head-Global Technology Services
Jean-Bernard Lévy Independent Non-Executive Director
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