Understanding our 2nd Quarter 2018 Results

Frédéric Oudéa's editorial

In Q2 2018, our Group posted good results and an increase in profitability due to a solid performance by all the businesses, disciplined cost management and good risk control. The Group also carried out several strategic transactions contributing to the refocusing of its business model around its core franchises. We signed an agreement to acquire Commerzbank’s Equity Markets and Commodities operations as well as agreements for the disposal of our private banking activities in Belgium and our shareholdings in Express Bank (Bulgaria) and Societe Generale Albania.

Key Figures

Expert view

The paradox of uncertainty

A certain level of uncertainty is part of life, and insurance (both private and public) and precautionary savings help manage this so that we can go about our lives unabated. At times, however, uncertainty increases well beyond these levels, often driven by political events. Faced with such uncertainty shocks, business managers will often freeze new investment and hiring decisions, while consumers delay spending on big ticket items such as cars or the purchase of a new home.

READ THE VIEWPOINT OF MICHALA MARCUSSEN

Societe Generale announces the acquisition of Lumo

Lumo is a French FinTech that since 2012 has been combining leading expertise in crowdfunding and renewable energies to accelerate the energy transition. It gives individuals and companies the opportunity to help finance a selection of renewable energy projects in France.

Read the press release

Agreement to acquire the Equity Markets and Commodities activities of Commerzbank

Societe Generale is announcing that it has reached an agreement to acquire Commerzbank’s Equity Markets and Commodities (EMC) business. “Societe Generale and Commerzbank’s EMC franchises are complementary and present an important potential of synergies. This acquisition would further reinforce our Global Banking and Investor Solutions activities in line with our 2016-2020 strategic plan," said Séverin Cabannes, Deputy Chief Executive Officer.

Read the press release about the EMC acquisition

POSITIVE TRANSFORMATIONS

Deployment of a support framework for retail banking staff in France

Societe Generale has reinvented its approach to training so as to develop the mobility and employability of its staff in the context of the transformation of the retail banking network in France. The bank is launching a personalised skills assessment programme for 20,000 members of staff to help them acquire the key skills and expertise they will need in the future.

Read the press release about #MonJob2020

Commitments

Review of 2018 Citizen Commitment Time

Since early June, Societe Generale employees across France and worldwide are joining forces to organise sporting events, collections, and fundraising events for charities.

Find out more about Citizen Commitment Time

All our previous Letters to Shareholders