Société Générale: strategic plan hailed by market

(CercleFinance.com) - The French bank has announced its medium-term strategy for its corporate and investment banking business, an announcement that has been welcomed by the market.


At 9.15am, its share was up 1.3%, making it the fourth biggest winner in the CAC 40 index, which was down by around 0.1%.

In a statement published this morning, SocGen said that it is aiming for average annual growth of around 3% by 2023 for its financing and advisory business.

In terms of value, revenues from its markets and investor services businesses are expected to reach around five billion euros in 2023, including around 4.5 billion euros from its market activities.

At the same time, SG aims to benefit from a 450 million euro reduction in its cost base by 2022/2023, a target already announced in the first half of 2020.

Its Global Markets and Investor Solutions division, excluding asset management and private banking, is targeting a cost base of 5.5 to 5.7 billion euros by 2023.


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