Société générale : le plan du nouveau patron focalisé sur le cours de Bourse et la baisse des coûts

Au siège de la Société générale, dans le quartier d’affaires de la Défense, près de Paris, le 14 septembre 2023.

C’est dans la tour Société générale du One Bank Street, au cœur du quartier d’affaires londonien de Canary Wharf, que Slawomir Krupa a présenté, lundi 18 septembre, sa stratégie pour le groupe. Le choix du lieu ne doit évidemment rien au hasard : Londres plutôt que Paris, au plus près des grands investisseurs internationaux, devant lesquels le nouveau directeur général de la troisième banque française cotée a détaillé dans la matinée ses choix et défendu ses ambitions.

Four months after taking office, his priority is still to convince that “SocGen” deserves better valuation than what the stock markets currently give it. The group’s market capitalization is only 22 billion euros, compared to 76 billion for BNP Paribas and 36 billion for Crédit Agricole SA. Furthermore, the bank is one of the most undervalued in the European sector compared to the assets on its balance sheet.

In order to meet expectations, Mr. Krupa is aware that he needs to increase profitability while also ensuring the financial strength of the group, which is another major concern for investors due to the upcoming implementation of the financial standards known as “Basel IV” in early 2025. These standards will strengthen the regulatory authorities’ requirements in this regard.

Contribution à la transition écologique

In the face of this dual imperative, he emphasizes his desire to make Société Générale a “robust” bank by allocating its available capital wisely, even if it means setting a revenue growth target of only zero to 2% per year. “It’s the right choice at this point in the cycle,” he assures, highlighting that the year 2022, which serves as a reference for this objective, was “very strong” in terms of revenue.

er mai.

One of the main focuses of the new plan will be to reduce the operating ratio – which is the ratio between expenses and revenue, a key profitability indicator – to 60% from 65.8% in the second quarter, which will involve reducing costs by 1.7 billion euros by 2026. A significant portion of these savings will come from improving IT systems, but the group also plans to benefit from the ongoing integration of LeasePlan by ALD in mobility and the merger of its two retail banking networks in France, Société Générale and Crédit du Nord, effective since May janvier.

Le plan consacre en outre le rôle moteur de Boursorama, la filiale de banque en ligne, dans la banque de détail. A charge pour elle de gagner trois millions de clients supplémentaires en trois ans pour atteindre les huit millions.

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