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Title: Societe Generale Open to Selling Equipment Finance Business as part of Strategic Revamp

Date: September 14, 2023

Source: Reuters

Summary: French bank Societe Generale is considering the sale of its Equipment Finance business, according to anonymous sources. The move comes as the bank’s new CEO, Slawomir Krupa, initiates a broad strategic revamp. While the business is seen as non-core, challenging market conditions are currently affecting its valuation, making an immediate transaction unlikely. Societe Generale’s new strategic plan, set to be presented by Krupa on Monday, aims to demonstrate how the bank can boost returns in a challenging economic environment. Having seen a drop in stock value over the past five years, the change in leadership has been positively received by the market. Analysts expect that, going forward, Krupa may indicate his intention to trim or sell non-core units, without specifically naming them. Along with the Equipment Finance business, Societe Generale is also reported to be considering options for its asset custody division. The potential sale of these assets would provide the bank with cash at a time when global bank capital rules are being tightened. One of the key indicators of success for Krupa will be improving the 10% return on tangible equity by 2025. Furthermore, the bank’s French banking retail unit is expected to face squeezed margins due to lending rate caps and government-imposed interest rates until 2024.

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