Although 2009 continued to be difficult, the Societe General Group was able to capitalise on its robust universal banking model to achieve solid results that have enabled it to absorb the negative impacts of the crisis.

2009 saw the appearance of the first encouraging signs of economic recovery. The global environment has remained particularly fragile and uncertain, however: the financial markets are still volatile and some have not yet normalised, while the cost of bank liquidity and credit spreads are still far from their pre-crisis levels. Given this environment, the public authorities have massively intervened, taking unprecedented measures to stimulate the economy (fiscal stimulus programmes and accommodating monetary policies), guaranteeing the liquidity and solvency of certain market players while laying the foundations for a new regulatory framework. For instance, the guidelines defined during the G20 summit in Pittsburgh notably provide for an increase in the capital requirements for market activities, the standardisation of accounting and prudential rules and the introduction of a minimum liquidity standard. The works directed by the Financial Stability Board and the Basel Committee should lead to the definition of the new regulations’ outlines and implementation conditions. In these challenging conditions, the Group has demonstrated the resilience of its universal banking model, based on a portfolio of diversified businesses, and produced Group net income of EUR 0.68 billion in 2009.

The Societe Generale Group therefore appears to be well positioned to fully benefit from the end of the crisis, by pursuing its profitable and balanced growth strategy and continuing to adapt its model to the new environment through its “Ambition SG 2015” project.

This project will enable the Group to capitalise on the post-crisis banking environment, along three main lines:
- strengthening its comparative relationship banking advantages, as a bank with strong customer relations. This particularly depends on optimising the product and service range and its adaptation to the needs of the Group’s various customer segments, which is vital for sustainable and profitable growth;
- thoroughly transforming its operational model and increasing process industrialisation, to become even more efficient and leverage to our relationship strategy;
- inspiring the long-term commitment of employees to this ambitious company-wide project. To this end, the Group will implement a series of measures to more effectively develop and reward talent and strengthen its positioning as an exemplary employer. Overall, thanks to the Group’s intrinsic strengths, its growth drivers and its development projects, Societe Generale is well positioned to gain full benefit from the end of the crisis and anticipates a rebound in its financial results as from 2010. Furthermore, Societe Generale intends to pursue its mission of financing the French economy and to continue supporting its customers’ development, while maintaining a high solvency ratio.