Shaped by successive generations of employees and clients, Societe Generale has promoted economic growth for more than 160 years.  

Pioneer of the Industrial Revolution

Founded in 1864 during the reign of Napoleon III by a group of industrialists and visionary financiers, the Bank played a decisive role in the industrial revolution. Its history, marked by innovation and adaptability, illustrates a constant commitment to anticipate each era’s challenges.

Since its earliest years, Societe Generale has continuously diversified its activities and embraced innovation, establishing itself as a leading force in financing the economy. Between 1870 and 1940, the Group’s network of retail bank branches jumped from 46 to 1,500, making it the leading French credit institution in terms of deposits during the interwar period. 

Internationally, the Bank gained a global footprint by financing key infrastructure projects across Europe, Latin America, and North Africa. Starting in 1871, it expanded its presence by opening branches in strategic cities such as London, New York, Buenos Aires, and Dakar. 

A bank serving the economy 

Nationalised under the French law of 2 December 1945, Societe Generale played a pivotal role in France’s post-war reconstruction. During the ‘Trente Glorieuses’, three decades of economic prosperity, it achieved significant growth by introducing innovative financial solutions such as leasing. The Bank then successfully navigated the banking reforms of the 1960s, further strengthening its position. 

In June 1987, the Group was privatised through a successful IPO that included a dedicated share offer for employees. This marked the start of a new phase in its development, focused on strengthening its universal banking strategy and consolidating its presence in France through strategic acquisitions such as Boursorama
(renamed BoursoBank in 2025) and Crédit du Nord. At the same time, international expansion accelerated, with the Group establishing a strong foothold in Central and Eastern Europe via Komerční banka in the Czech Republic and BRD in Romania, while consolidating
its presence across Africa. 

In the face of the great financial crisis, the Group has demonstrated resilience and adapted its business model to the new environment. As part of the strategic plan rolled out in 2023, the Bank has entered a phase of strong, consistent momentum and has returned to sustainable profitable growth.

For 160 years, Societe Generale has remained firmly committed to addressing the challenges of our time, driving sustainable development and responsible transition. True to its entrepreneurial spirit, the Group continues to build bridges between generations, supporting the ambitions of 27 million clients worldwide. 

This strength of this legacy, inherited from previous generations, enables Societe Generale to face the future with boldness, determination, and confidence. 

Societe Generale is a top-tier European Bank with around 110,000 employees serving 27 million clients in 58 countries across the world. For over 160 years, Societe Generale has been supporting economic development by helping corporate, institutional, and individual clients bring their projects to life through a wide range of value-added financial services and solutions. 

The Group’s long-standing, trust-based relationships with its clients, recognised expertise, ability to innovate, ESG capabilities, and leading franchises define its identity. These strengths are key to its mission: to generate long-terme value for all stakeholders.

The Group relies on strong businesses within a solid, diversified banking model, structured around three core business lines:

■French Retail, Private Banking and Insurance, including the
SG network, Private Banking and Insurance businesses, as well as BoursoBank, the leader in online banking in France. This division offers a wide range of everyday banking products, financing solutions, savings and insurance products to a diverse client base – individuals, professionals, businesses, associations, and local authorities.

■Global Banking and Investor Solutions, which encompasses Global Market activities, Global Banking & Advisory, including Transaction Banking, and Securities Services. A leading player in its field, this division provides tailored solutions to large corporates and investors, with unique global leadership in equity derivatives, structured financing, and ESG.

■Mobility, International Retail Banking and Financial Services, which includes well-established diversified banks in Central Europe (Czech Republic, Romania) and several African countries; Ayvens, a global leader in mobility solutions; and specialised subsidiaries in consumer credit.

The Group’s ambition is driven by a clear strategy: to be a leading European bank in every dimension.

Societe Generale has placed sustainability at the heart of its strategy. The Group is included in the principal socially responsible investment indices: DJSI (Europe), FTSE4Good (Global and Europe), Bloomberg Gender-Equality Index, Refinitiv Diversity and Inclusion Index, Euronext Vigeo (Europe and Eurozone), STOXX Global ESG Leaders indexes, and the MSCI Low Carbon Leaders Index (World and Europe).

The Group is driven by a clear strategy and roadmap: to be a leading European bank in every dimension.

To this end, the Group must continue to reinforce its financial profile, notably by ensuring that its CET1 capital ratio is consistently maintained above 13% throughout 2026. Preserving the level of capital relies in particular on an efficient allocation and use of capital, the improvement of operational efficiency, and the streamlining of the portfolio around a coherent, integrated and synergistic business model built on its core franchises, while maintaining risk management in line with the highest standards.

The Group intends to leverage its high-performance, sustainable businesses based on a robust diversified banking model tailored to the needs of 27 million corporate, institutional and individual clients, structured around three core businesses:

■French Retail, Private Banking and Insurance;

■Global Banking and Investor Solutions;

■Mobility, International Retail Banking and Financial Services.

Under its French Retail, Private Banking and Insurance business line, the Group plans to leverage the new operating model of its new SG network to boost synergies with the Insurance and Private Banking activities while improving operating efficiency, and, on the other hand, to increase BoursoBank’s profitability. Leveraging a high-impact value offer, the Group intends to be the partner of choice for businesses, professionals and high net worth clients, as well as for digital clients, and at the same time be a responsible bank for its various counterparties.

For the Global Banking and Investor Solutions business line, the Group is pursuing the strategy it initiated in 2021 to further enhance the sustainability and profitability of its model with prudent risk management. Leveraging its position as a leading European corporate and investment bank and as a trusted partner to its clients, the Group continues to enhance the operational efficiency of its businesses. It capitalises on its flagship franchises, on the partnerships established with AllianceBernstein and Brookfield to broaden its offering and value proposition for clients and to optimise its resources, particularly its capital base.

Within the Mobility, International Retail Banking and Financial Services business line, the main aim of International Retail Banking businesses is to deliver sustainable performances that exceed the cost of capital, notably by implementing a more compact and efficient model that also offers first-rate customer experience. Through its mobility and financial services businesses, primarily centred on Ayvens, the Group intends to leverage its position as one of the world leaders in the sustainable mobility ecosystem to capitalise on underlying trends and benefit from economies of scale.

The Group intends to press ahead with its commercial development by providing its clients with responsible and innovative financial solutions through quality services, value-added and innovation, including digital, to improve client satisfaction. To this end, the Group is pursuing various digital transformation and operational efficiency initiatives.

Strengthening the culture of performance and accountability is also a priority for the Group. To this end, the Group has set targets to improve employee engagement, reduce the gender pay gap, and increase diversity within its leadership teams. The Group has notably revised its financial reporting principles to promote this culture of accountability.

The Group remains fully committed to implementing the strategic initiatives presented in September 2023 during the Capital Markets Day, the main financial targets for 2026 having been confirmed or upgraded upon publication of its 2025 full‑year results:

■an expected annual growth in revenues above 2% in 2026 vs. 2025;

■an expected reduction in costs of around –3% between 2025 and 2026;

■increased operational efficiency, with a cost-to-income ratio below 60% in 2026;

■cost of risk within the 25-30 basis-point range in 2026;

■return on tangible equity (ROTE) above 10% in 2026;

■organic growth in risk‑weighted assets (RWA) of approximately 2% in 2026;

■a CET 1 ratio above 13% in 2026;

■a Liquidity Coverage Ratio (LCR) target of at least 130% and a Net Stable Funding Ratio (NSFR) target of at least 112% throughout the cycle;

■a non-Performing Loans (NPL) ratio target of between 2.5% and 3% in 2026;

■a leverage ratio of 4-4.5% throughout the cycle;

■a MREL (Minimum Required Eligible Liabilities) ratio of at least 30% of risk-weighted assets (RWA) throughout the cycle;

■implementation of a responsible distribution policy based on a payout ratio of 50% of Group net income(1), with a balanced mix between cash dividends and share buy-backs. An interim dividend will also be paid in the fourth quarter of 2026.

The Group builds sustainability matters into its strategy.

The Group’s CSR ambition is based on the four pillars of (i) supporting clients in the environmental transition, (ii) contributing to local development, (iii) striving to be a responsible employer and (iv) promoting a culture of responsibility within all its activities.

Societe Generale is positioned as a leading player in supporting the environmental transition. It has set itself the goal of contributing around EUR 500 billion to sustainable finance over the period
2024-2030, focusing on environmental and social topics. A large part of the financing will be devoted to transactions specific to low-carbon energy, sustainable real estate, low-carbon mobility and issues relating to industry and the environmental transition.

Aside from this ambition, the Group has identified the following goals to support the environmental transition:

■phasing out financing for the thermal coal sector and the oil and gas extraction and production sector, while stepping up efforts to align its credit portfolios with a pathway consistent with the objectives of the Paris Agreement;

■launching a EUR 1 billion support package for pioneers in green technologies, nature-based solutions and the transition, among other things;

■forging partnerships with institutions such as the International Finance Corporation (IFC) or the European Investment Bank (EIB) and participating in global initiatives;

Societe Generale supports local development, both in France and worldwide. This ambition is based on a holistic approach combining infrastructure financing, a strong regional presence through retail banks, support for local players and institutional partnerships.

The responsible employer strategy is based on three pillars: (i) to enable all current and future employees to fulfil their potential within the Group; (ii) to offer a rewarding, suitable and efficient working environment; (iii) to promote employee engagement and impact. As part of this responsible employer strategy, the Group is committed to promoting a gender balance. It has allocated a budget of EUR 100 million with the aim of reducing the gender pay gap. The Group has also set itself the target of increasing the number of women serving on its governing bodies, with female executives accounting for at least 35% of the Group Leaders Circle (Top 250) by 2026.

Another priority of the Group is to strengthen its culture of performance and accountability, with the goal of rigorous management of its impact and risks.

The publication of the Sustainability Statement in the format provided under the European Corporate Sustainability Reporting Directive (CSRD), presents detailed information on the impacts, risks and opportunities related to material sustainability matters (see Chapter 5 “Sustainability Statement”).

In 2025, a year still shaped by a complex and uncertain geopolitical, economic and financial environment, the Group delivered strong commercial performances across all its businesses. The Group’s results were driven by the rebound in net interest margin in France and by a record performance from Global Banking and Investor Solutions. At the same time, the Group maintained disciplined cost management and an efficient allocation of capital to growth businesses.

The Group also successfully passed key milestones in a number of other strategic projects, notably:

■the completion of the merger of the Crédit du Nord and Societe Generale networks with the implementation of a new relationship model, improving the quality of the service provided to individual, business and corporate clients. The savings made as part of the merger are also in line with the objectives;

■the continued development of the Group’s online bank BoursoBank by consolidating its leading position on the French market with 8.8 million clients at the end of the year; 

■the continued integration of LeasePlan into Ayvens, creating a global leader in mobility solutions. In 2025, major milestones were achieved in the operational integration, set-up and stabilisation of IT and operating processes;

■ the continued integration of Bernstein, including in particular the consolidation of Bernstein’s U.S. activities as of 1 January 2026. With Bernstein, the Société Générale group significantly enhances its value proposition by offering its clients a comprehensive range of global services across the entire equity value chain;

■the announcement of planned asset disposals to develop a simplified, more synergistic and efficient model, which will generate more than 75 basis points of CET1 gains for the Group.

2026 will be a year of strategic execution and performance enhancement for the Group. The priorities set are as follows:

■increase in the commercial performance, in particular relying on the successful deployment of the new operating model in the SG network and the continued operational integration of LeasePlan into Ayvens;

■management of the business portfolio, including the completion of announced asset disposals;

■continued improvement in operational efficiency by deepening its transformation through a simplified organisation;

■consolidation of a strong capital and liquidity profile, with the strategic deployment of excess capital in the best interests of stakeholders, combining growth investments with extraordinary shareholder distributions;

■optimisation of the Group’s use of scarce resources and balance‑sheet by continuing to develop our asset-light model notably in Global Banking;

■maintain disciplined risk management;

■continue momentum when rolling out our ESG initiatives and strategies.

Lastly, on 6 February 2026, the Group announced that its next Capital Markets Day will be held on 21 September 2026, during which it will present the next milestones in the execution of its long‑term strategy.

The Board of Directors approved the ordinary distribution policy for the 2025 fiscal year, which aims to distribute an amount of
EUR 2,679 million, of which EUR 1,217 million(2) in the form of dividends and EUR 1 462 million in the form of share buy-backs(3). A cash dividend of EUR 1.61(1) per share, up 48% compared to 2024, will be proposed to the Annual General Meeting of Shareholders on 27 May 2026, which includes the interim dividend of EUR 0.61 per share (ex-dividend date 7 October 2025) paid on 9 October 2025. The final dividend therefore amounts to EUR 1.00 per share. The shares will trade ex‑dividend on 1 June 2026, the final dividend being paid on 3 June 2026. The Group obtained all regulatory authorisations, including the one from the European Central Bank, for the share buy-back programme of EUR 1 462 million, which was launched on 9 February 2026(4). In total, the ordinary distribution represents 50% of the Group net income(5), including 45% in cash dividends and 55% in share buy-backs.

The Group also launched in 2025 two extraordinary capital distributions totalling EUR 2 billion, in the form of two additional share buy-back programmes of EUR 1 billion each. The first
EUR 1 billion share buy-back programme, announced on 31 July 2025, was completed on 14 October 2025.
 The second EUR 1 billion share buy-back programme, announced on 17 November 2025, was completed on 6 February 2026.

In total, the 2025 distribution amounts to EUR 4,679 million compared to EUR 1,740 million in 2024, an increase of 169%.

In addition, an interim dividend was introduced starting in 2025 and will be paid in the fourth quarter of each year.

Going forward, communications on the management of the Group's excess capital will be made once a year during the publication of the second quarter results.

With its SG network and its online bank, BoursoBank, the Group offers a unique approach based on two channels in the French market and plans to capitalise on the cross-convergence of these two models to consolidate its differentiating position on the French market.

The French Retail Banking business aims at a cost-to-income ratio below 60% in 2026. Achieving this objective will require higher commercial intensity, increased synergies with the Insurance and Private Banking activities and above all greater efficiency of the retail network in France combined with a greater contribution from BoursoBank.

It has drawn up a roadmap containing high-impact strategic goals to build a more streamlined banking model:

■be the partner of choice for corporates, businesses, high net worth clients, and digital clients, and to be a responsible bank for all clients;

■improve our value proposition for clients with top-tier service quality;

■adopt a more efficient banking model.

The French Retail Banking activities have undergone a profound transformation in recent years to address the rapid evolution in customer behaviour and expectations, reflected in two strategic initiatives: the merger of the Crédit du Nord and Societe Generale networks and the implementation of a new relationship model on the one hand, and the accelerated development of BoursoBank on the other. These initiatives aim to enhance the quality of service delivered to retail, professional and corporate clients, and to position the Group as a leading player in the French market in savings, insurance and best‑in‑class solutions for corporates and professionals.


Closer integration with the Insurance and Private Banking activities allows the SG network to fully leverage the commercial synergies available.

In line with its strategic positioning and its commitments to proximity, responsiveness, expertise and accountability, SG has established itself as:

■a bank operating in 11 regions, with a significant proportion of decisions taken at the regional level; 

■a hub of expertise, with solutions tailored to the specific needs of different types of clients: wealth manager, one-stop shop for small business advice, savings and insurance experts, support for corporate finance and advisory needs; 

■an accessible and responsive bank, with streamlined processes to speed up decision-making and reduce response times to client queries, state-of-the-art digital services enabling clients to perform their day-to-day banking transactions remotely and securely, expanding the range of products and services that clients can sign up for via the mobile app; 

■a responsible bank where CSR is central to its model, with a view to strengthening the positive impact for its clients and local communities, through new choices in terms of offering and organisation, notably with the implementation of dedicated CSR consultancy teams in each region to help SG step up its financing of the environmental transition and become a major player in the economic and social development of local regions and their ecosystems.

The strategy adopted aims to achieve greater integration, with a more efficient operating and relationship banking model, optimised processes and more judicious use of digital tools and Artificial Intelligence, with a view to strengthening the value proposition, particularly for the core target market. 

In Wealth Management, Private Banking in France is moving forward with its strategy of operating in open architecture, distributing savings solutions to all clients. By offering investment and asset management solutions through partnerships with external asset managers, Societe Generale network gives its savers access to the best investment expertise in France and internationally, while at the same time responding to their growing demand for socially responsible investments.

In international private banking, Societe Generale shifted the geographical focus of its operations following the disposal of Societe Generale Private Banking Suisse in January 2025 and SG Kleinwort Hambros in March 2025, mainly operating out of London and Geneva, respectively, to Union Bancaire Privée (UBP SA). Societe Generale Private Banking intends to pursue its development strategy by relying on its leading entities in France and abroad, in Luxembourg and Monaco, to support its wealthy clients with its expertise and recognised services.

In its Insurance business, the Group intends firstly to continue and accelerate the deployment of the bank-insurance model in all retail banking markets and in all segments (life insurance, life protection and property and casualty) in which it operates and secondly to implement its digital strategy, in particular by continuing to develop digital sales tools, to enrich the offer within a complete omnichannel system and by accelerating the personalisation of journeys by optimising the use of data and the knowledge of customer behaviours, while diversifying its business models and growth drivers through a strategy of innovation and partnerships. This growth strategy goes hand in hand with increased commitments to responsible finance at SG Assurances.

The Group continues to support the development of its online bank. BoursoBank offers its clients a broad, diversified and innovative range of online banking services, an efficient model and an unbroken 18-year record as the cheapest bank on the market, resulting in excellent client satisfaction and recommendation scores.

Over 2025, BoursoBank consolidated its leading position in France, acquiring 1.9 million new clients, bringing its total client base to more than 8.8 million at the end of the year. In 2026, BoursoBank will continue to leverage its offering and ability to service clients through an efficient operating model, continuing to create value over the long term.

BoursoBank is aiming for substantial results with a positive net income of more than EUR 300 million by 2026.

The Global Banking and Investor Solutions are based on strong fundamentals: it has built up (i) a solid and stable diversified client base, (ii) high value-added product franchises and recognised sector expertise backed by a global network. It serves the financing and investment needs of a broad and diversified client base spanning corporates, financial institutions and public-sector entities. Having undergone considerable transformation in recent years – reducing its breakeven point, de-risking the Global Markets activities and adjusting the balance between its businesses – it is now focused on consolidating its foundations and profitability, while limiting the growth in organic RWA.

Societe Generale is targeting a cost-to-income ratio under 65% in 2026 and Global Markets revenues above the target range of
EUR 5.1 billion to EUR 5.7 billion which includes the consolidation of Bernstein’s U.S. activities as from 1 January 2026. The long-term strategic goals are to:

■continue improving operational efficiency;

■reduce RWA intensity by developing an advisory-oriented, less capital-intensive model through increased balance sheet velocity;

■unlock more value from leading integrated franchises;

■remain the most innovative bank notably for ESG solutions;

■be at the cutting-edge of digital innovation (digital assets and AI).

Building on its positioning as a top-tier European corporate and investment bank and trusted partner for its clients, the recent partnerships with AllianceBernstein and Brookfield illustrate the Group’s ability to develop innovative ways to further expand its client offering and explore new avenues for growth.

Mobility, International Retail Banking and Financial Services is a profitable growth driver for the Group thanks to its leading positions in high-potential markets, its operational efficiency and digital transformation initiatives, and its ability to unlock synergies with other Group activities. These business lines have witnessed a radical transformation in recent years. First, the Group has created a world leader in sustainable mobility solutions, Ayvens, following ALD’s acquisition of LeasePlan. Second, it has restructured its portfolio, optimised its model and improved the underlying risk profile, notably with the divestment of several of its African entities: since 2023, Societe Generale Group has sold its subsidiaries in Congo (finalised in 2023), Chad, Mozambique, Morocco and Madagascar (completed in 2024) and in Mauritania, Burkina Faso, Guinea Conakry and Equatorial Guinea (completed in 2025).

All these businesses have also embarked on innovation and transformation programmes to enhance operational efficiency and strengthen synergies. At the level of the business line as a whole, the objective is to achieve a cost‑to‑income ratio below 55% in 2026. The International Retail Banking and Mobility & Financial Services activities likewise both aim for a cost‑to‑income ratio below 55% in 2026.
 The International Retail Banking activities operate outside the euro area (with the exception of activities in the Overseas Territories) and benefit from favourable long‑term growth fundamentals and a current interest‑rate environment that is higher than in the euro area, despite a more uncertain economic context and higher‑risk environments, even though inflation continued to normalise in these regions in 2025. The Group intends to implement a more compact and efficient model by consolidating its positions in leadership and responsible growth, while maintaining rigorous risk management and strict compliance standards within its international retail banking networks.

In Mobility activities, following the completion of the acquisition of LeasePlan by ALD in 2023, Ayvens is now a world leader in
multi-brand and multi-channel vehicle leasing (excluding captives and financial leasing companies). It has a foothold in 41 countries, with leadership positions in most of its markets. With the integration of LeasePlan within Ayvens and the PowerUp 2026 plan, the Group is well positioned to achieve its goal of becoming a world leader in the sustainable mobility ecosystem. The sector should benefit from strong structural growth prospects, in particular with the structural transition from ownership to usership, the shift to sustainable mobility solutions, and notably increasing digitalisation of the sector.

In the consumer credit activities, the Group strengthened its fourth place in Europe with a dominant position in mobility financing, complementary to Ayvens’ activities. Its leading positions in buoyant markets should enable it to continue its growth, while the restoration of its margins after the sharp rise in the cost of financing meant that a recovery in the level of revenue and profitability began to be visible in 2025. The Group is also consolidating its leading position in terms of operational efficiency by continuing to improve productivity and by streamlining and pooling its operational platforms.

Finally, in professional equipment financing activities, Societe Generale completed on 28 February 2025 the sale of SG Equipment Finance, with the exception of the activities in the Czech Republic and Slovakia, to Groupe BPCE. The sale represents a major milestone in the execution of Societe Generale’s strategic roadmap and had a positive impact of around 30 basis points on the Group’s CET1 ratio in the first quarter of 2025.

From a regulatory perspective, governments continue to adapt to the new global geopolitical and economic paradigm.

Thus, in a geopolitical context that has deteriorated since the invasion of Ukraine, the EU has continued to review its strategic autonomy. In January 2025, it published its Competitiveness Compass, designed to meet three challenges for the European economy: closing the innovation gap, decarbonising the economy and reducing dependencies. The same ambition can be seen in the Clean Industrial Deal announced in February 2025, which is aimed at reducing energy prices and accelerating decarbonisation. It also follows other announcements of investments in infrastructure (Next Generation EU), energy (REPowerEU) and defence (European Defence Industrial Strategy). On this last point, the European Commission unveiled its new strategy to bolster the European Union's defence industry by 2030 and ensure the continent's long-term security by publishing its “White Paper for European Defence” on 19 March 2025 (and its corollary, the “Defence Readiness Omnibus”, on June 2025), a fortnight after the presentation of the “ReArm EU” investment plan. In France, in particular, the former government carried its strategic autonomy and productive investment projects by encouraging the reindustrialisation of the economy through green and innovative projects, and enhancing the economic appeal of Paris as a marketplace. The policy of unilateral tariffs adopted by the new US administration at the end of the first quarter of 2025 has increased the pressure on the European economy, confirming the urgent need for review of the attractiveness of its markets and the competitiveness of its players.

■The economic environment, still marked by high interest rates, continues to be a concern for regulators in a context of fiscal tightening. In this context, European banks have already faced new measures that weighed on their profitability, such as exceptional taxes in certain member countries and tougher ECB requirements on reserves. In France, parliamentary debates have led to consumerist legislative proposals and commitments by banks, the impacts of which remain, for the time being, under control (e.g. bank pricing, measures to support the economy and the real estate market). Following the results of the early general elections in France, certain measures have prompted further debate (e.g. taxation on market operations or savings, bank charges). Tax measures on large companies, proposed by the left-wing coalition or on share buybacks proposed by the presidential party were ratified by the National Assembly. The budget of the former government of F. Bayrou will therefore have a two-fold effect on French high street banks: they will be subject to a surcharge on corporate income tax and to tax on share buy-backs. In addition, the 2025 Finance Act clarified the terms and conditions for the application of withholding taxes on dividends paid to non-residents under Articles 119 bis and 119 bis A of the French General Tax Code.  The 2026 Finance Act, adopted against a backdrop of unprecedented political instability in France which resulted in a deterioration in the French sovereign spread, increasing the pressure to narrow the government deficit set at 5% of GDP in 2026, was enacted on 19 February 2026. The text sets out a number of significant tax measures for French companies, including the extensionof the exceptional contribution on the profits of large corporates, the creation of a mechanism to secure the application of the long-term capital gains regime for equity securities,  , the tax on the financial assets of holding companies and the clarifications made to the global minimum taxation of large multinationals (Pillar 2).  A redefinition of political priorities is therefore underway, while the Trump administration’s stated intention to use tariffs as a weapon to limit the US trade deficit, despite the decision on this point by the Supreme Court of the United States, could have a significant impact on the competitiveness of French and European companies. At the European level, the priorities continue to be around investment and the strengthening of economic competitiveness, with the Savings and Investment Union (formerly CMU) project in financial matters. Following Brexit and given the growing demand to raise finance to meet the challenges facing the EU, several institutions, both European and national, have wished to give a boost to the development of the Capital Markets Union (CMU), beyond the reforms already undertaken or finalised (review of MiFID 2/MiFIR, review of the clearing framework via EMIR 3.0, establishment of a centralised point of access to companies’ financial and non-financial information via ESAP, simplification of the regimes for access to stock exchange listing with the Listing Act). In 2024, this ambition resulted in the publication of various reports (Donohoe, Letta, Noyer, Draghi) aimed at defining the new Commission’s objectives for the development of European financial markets. From the reports, a consensus emerged on the need to (i) continue working towards the harmonisation of regulations and supervisory practices in the EU, (ii) integrate more systematically the concepts of competitiveness, attractiveness and agility in the European legislative approach, (iii) provide a fresh impetus for the securitisation market in Europe and (iv) use European savings to finance the economy, via pan-European long-term savings products, possibly accompanied by tax incentives.

■The CRR3 text, which was completed in 2024 and transposed the Basel Accords, came into force in the EU in January 2025. The application of capital charges under the new Fundamental Review of the Trading Book (FRTB) standards has been deferred twice due to ongoing delays and uncertainties in the US and UK (a deferral that runs until 1 January 2027). The Community authorities, encouraged by a clear message from the four major Member States, are preparing, in H1 2026, to propose new transitional measures within the framework of their delegated powers (these would be multipliers per institution that could be revised every 3 months and which would be applicable for 3 years, until the end of 2029 and would aim to neutralise the impact of the entry into force of the FRTB leaving unresolved, however, the difficulty of the entry into force, in early 2027, of the new boundary between Trading Book and Banking Book).

■The broader question of the adequacy of the European prudential framework will be more acute in 2026, as the
United States and the United Kingdom pursue an assumed agenda of deregulation. The ECB's Task Force delivered its report on simplification at the end of 2025, which does not recommend any major changes (apart from a small banks regime). The European Commission launched a public consultation in February 2026 on strengthening the competitiveness of European banking sectors and finalising the internal banking market. The consultation is extensive with 97 questions asked: more than half on the topic of complexity/efficiency; a third on the competitiveness of the banking sector and finally fifteen questions on the single market and the Banking Union. This work will inform the report that the Commission is expected to present at the start of the academic year (Sept. 2026) and which will prepare the ground for a targeted legislative review at the end of 2026 or, more probably, in early 2027. The European authorities’ rhetoric, which attributes the difficulties of European banks in the face of their US competitors more to the fragmentation of the European market than to a stricter prudential framework, leads to the anticipation of proposals that will aim to finalise the Banking Union and simplify the prudential framework, rather than to ease the resulting requirements.

■Despite the reticence of many Member States, the question of revitalising the securitisation market in Europe has emerged as one of the main issues on the agenda for the development of European capital markets (or SIU, Savings and Investment Union). As early as the summer of 2025, the European Commission published proposals to (i) improve the prudential treatment of securitisation and (ii) its treatment in the context of the liquidity ratio, (iii) adapt reporting and due diligence requirements and (iv) review the prudential framework applied to insurers. In late 2025, the Member States agreed on a more ambitious negotiating position than that of the European Commission, except on the subject of prudential calibration. Negotiations are underway in the Parliament, which seems to be moving towards much greater ambition on prudential issues, heralding complicated trilogue discussions in H2.

■In addition, the need to simplify the regulatory framework has become a major objective of Ursula Von der Leyen’s new Commission. In terms of sustainable finance. This was embodied in several initiatives in 2025. Among other things, the scope of application of the Corporate Sustainability Reporting Directive was drastically reduced and the application of the Corporate Sustainability Due Diligence Directive (CS3D) was postponed to 2029, in addition to various other simplification measures. Taxonomy-related disclosures have also been simplified. Since 2024, ESG risks have been an integral part of the European prudential legislative framework. From 2026, European banks will have to put in place enhanced ESG risk management requirements as well as a prudential transition plan, the content of which is specified by the European Banking Authority. One of the fundamental challenges for banks is to ensure consistency between, on the one hand, the requirements specific to them, in particular with regard to their prudential obligations and, on the other hand, the move towards simplification, which will result in greater complexity for banks in terms of data collection.

■A quest for simplification is thankfully also underway in the digital field, with the recent publication of omnibus packages on AI and the digital acquis. The December 2023 European agreement to regulate the misuse of AI should have progressed to the drafting of numerous delegated acts or guidelines worked on by the institutions of the European Commission. We believe it is important to manage the impact of strengthening controls, particularly for instances considered to be high-risk, which include credit decisions and risk management. The adaptations required will be made in the near future, with close attention paid to developments relating to the EU Pact on generative AI, by continuing the dialogue with the European authorities.

■In addition, the AI omnibus and digital acquis projects published recently aim to harmonise the many digital regulations in force, to increase the proportionality of measures and to adapt them to the development of AI, particularly with regard to the GDPR. It would be desirable if these simplifying provisions could be voted on quickly and the need for simplification then extended more widely with a view to sovereignty following, for example, the Digital Fitness Check consultation currently underway. It would also be desirable if this consultation could be translated into an omnibus text on simplification.

■Other topics related to the digital transformation and innovation around financial services remain a priority for lawmakers.

-Legislative work on open finance has been completed with the review of the Payment Services Directive (PSD3 – PSR) but is continuing formally with regard to FiDA. Similarly, discussions are continuing on the application of digital identity (eIDAS) for more fluidity in the various banking processes in which banks must always be considered as highly trustworthy intermediaries for consumers.

-Negotiations on the draft text on the digital euro continue in Parliament, following the Council’s agreement on a favourable negotiating position in November 2025. The text’s rapporteur in the European Parliament faces strong opposition from the other groups but maintains an approach of conditionality (offline functionality at first with online functionality to be decided at a later date if a satisfactory private solution fails to emerge). The compromise meetings begin. Attempts by European banks to push private solutions such as EPI/Wero, in response to the issue of European sovereignty threatened by the dominance of US card schemes, were relatively ineffective, although a coalition of the various European providers (including Wero) was announced in early February 2026 to provide a pan-European solution to more than 130 million European users

■Following the political agreement of December 2025, the co-legislators are currently finalising the technical drafts on the Retail Investment Strategy (RIS), which aims to facilitate savers' access to capital markets. In its initial version, this proposal attracted strong criticism from producers and distributors of financial products, as some of its measures were likely, in practice, to have many counterproductive effects on European household investment. The arrival of the text is rather favourable to the industry, especially in the absence of an outright ban on retrocessions.

■Lastly, in early December 2025, a legislative proposal from the Commission on the “Market Integration Package” was published, revealing highly ambitious plans to (i) enable the consolidation of market infrastructure, (ii) encourage innovation through the use of Distributed Ledger Technology (DLT) and the controlled development of crypto-asset markets, (iii) facilitate the cross-border distribution of funds and (iv) strengthen ESMA’s role as a supervisory convergence actor and direct supervisor of significant infrastructure and service providers in the field of crypto-assets, while thoroughly reviewing its governance. Discussions have started but are not progressing as fast as the European Commission would like. The Chair of the Commission indicated that she was considering enhanced cooperation if the discussions did not make sufficient progress(6). With regard to the European Parliament, the Economic and Monetary Affairs committee (ECON) intends to finalise its position by the end of the year.

The global economic and financial environment continues to be exposed to significant geopolitical risks and uncertainty. The prospect of lasting trade and political tensions between the major players could lead to the relocation of production and the risk of regulatory and technological gaps.

In the United States, the Trump administration is pursuing a protectionist agenda that prioritises support for the domestic economy. This has resulted in significant budget deficits, higher tariffs and recurring trade tensions with China and most other countries. The United States has withdrawn from climate agreements and reduced its development aid and its support for multilateral institutions. A high level of uncertainty remains over security arrangements and the role of the dollar in the international monetary system.

The slowdown in activity that began in the United States and China could intensify, while in Europe structural factors (ageing population, low productivity, energy transition) are expected to hamper growth. Europe must also increase its defence spending, despite many countries already facing a tight budgetary situation. In France, fiscal adjustment is weakened by the absence of a parliamentary majority and by global uncertainties which are dampening growth. Thus, the debt trajectories of developed countries, including the United States and France, are unlikely to be adjusted soon. This will maintain upward pressure on long-term interest rates. Threats to central bank independence could also impact term premiums.

Company foreclosures are on the rise in the United States and Europe, while solvency issues in the weakest emerging markets remain. Credit spreads could come under pressure from corporate bankruptcies, while sovereign spreads in the euro area and particularly in France could be adversely affected by political uncertainty or the slow pace of fiscal adjustment. Greater market volatility cannot be ruled out.

Geopolitical risks remain high. US foreign policy has become more erratic. Environmental issues, both physical and transitional, could increase market volatility and inflation and growth outlook, and weigh on already stretched public finances.

The French Retail Banking (SG Network and BoursoBank), Private Banking and Insurance businesses fall within the same pillar to optimise synergies between these business lines so as to offer a wide range of products and services tailored to the needs of a diversified client base – Individual, Business and Corporate clients, as well as non-profit organisations and Municipal Councils – who seek varied expertise.

2025 was marked by:

■completion of the large-scale deployment of the new operating and relational model for our Retail Banking activities in France under the SG brand name following the successful merger of the Crédit du Nord and Societe Generale networks;

■pursuing BoursoBank’s development strategy, exceeding the 8 million customer mark in 2025 and leader in France in its three businesses: online banking, online brokerage and online financial information;

■solid commercial and financial performances from the Private Banking and Insurance businesses that provide further continuum in our offers with customers in the Retail Banking networks.

With 26,000 employees at the end of 2025, the Societe Generale network in France develops Retail Banking activities under the SG brand name.

A global bank focused on three domestic market segments: Individual, Business and Corporate clients & NGOs, the SG network offers solutions tailored to the needs of nearly 8.5 million clients, via:

■a comprehensive and diversified range of products and services (day-to-day banking, savings management, financing, payment instruments, etc.);

■a comprehensive and innovative omnichannel system (Internet, mobile, telephone);

■around 1,400 branches for its Individual and Business clients.

As the leader of non-mutual players, SG is ranked among the top players on the market in the “high-end” and “corporate” segments.

In 2025, the Group successfully completed the large-scale deployment of the SG network's new operating and relational model as part of the merger of the Credit du Nord and Societe Generale networks.

SG is established as:

■a bank with local roots in 11 regions, including a national brand name – “SG” – with 10 regional brand names;

■a responsive, accessible and efficient bank thanks to more decisions made at the regional level to increase speed of action and customer satisfaction;

■a bank that adapts to the specific needs of each client profile, offering differentiated expertise and services according to each customer segment;

■a responsible bank: sustainable development is central to the strategy of the SG network.

Outstanding loans totalled EUR 193 billion and outstanding deposits stood at EUR 225 billion at the end of December 2025.

Boursorama, a wholly owned subsidiary of Societe Generale, is a pioneer and leader in France in its three main businesses: online banking, online brokerage and online financial information (boursorama.com is ranked No. 1 for economic and financial news).

Accessible to all, regardless of income levels and financial assets, BoursoBank’s purpose is to simplify banking, give its customers purchasing power and enable them to manage their finances.

BoursoBank had 8.8 million customers at the end of 2025, a further increase of more than 20% over the year. The business has therefore grown ten-fold in 10 years. This growth is accompanied by an increase in the bank's overall assets under management of more than EUR 13 billion over the year (+17%), totalling more than
EUR 95 billion at the end of December 2025.

2025 was marked by:

■achieving the target of 8 million customers by mid-2025, more than a year ahead of the Capital Market Day target;

■achieving profitability for the third consecutive year, while maintaining strong customer acquisition momentum;

■a change of marketing approach with, in particular, a strengthening of collaborations with influencers (sponsorship, GP Explorer, etc.)

In addition, BoursoBank continued to enhance its product and service offering in 2025:

■strengthening of the product offering, both for investors (saving plan, Luxembourg life insurance, Private Equity, crypto ETP(7)) and for the bank's day-to-day customers (virtual credit cards, redesign of the under 18 offer, Livret d'Épargne Populaire launch);

■scaling up of AI production, making it possible to strengthen the BoursoBank operating model’s specific features.

The cheapest bank for the 18th consecutive year (source Le Monde/Panorabanque – December 2025), BoursoBank continues to have the best Net Promoter Score in the sector which, for the first year, was over 60 (Source: Opinion Way). Its online portal, www.boursorama.com, is consistently ranked the No. 1 national website for online financial and economic information with over 130 million visits every month (Source ACPM – 2025).

Overall, BoursoBank continues to attract an active, young and urban clientele that increasingly engages with Boursobank as it matures and requires additional services.

Societe Generale Private Banking offers global financial engineering and wealth management solutions, in addition to global expertise in structured products, hedge funds, mutual funds, private equity funds and real estate investment solutions. It also offers clients access to capital markets.

Societe Generale Private Banking's offer is available in the following locations: France, Luxembourg, Monaco, Italy and Belgium. At the end of 2025, Private Banking held EUR 137 billion in assets under management. 2025 was also marked by the completion of the sale of SGPB Switzerland and SG Kleinwort Hambros in the first quarter.

Societe Generale Private Banking intends to pursue its development strategy by relying on its leading entities in France and abroad, to support its wealthy clients thanks to its expertise and recognised services.

SGPB Private Banking will also be able to rely on Societe Generale Investment Solutions to position itself as a recognised architect of financial savings solutions and become a key market player. This true One-Stop-Shop offering consolidates the management and structuring skills offered by Investment Management Services, the Market Solutions teams and the management entities (located in France(8) and Luxembourg(9)).

Societe Generale Assurances business is essential in the Societe Generale Group’s development strategy, in synergy with all its retail banking, private banking and financial services businesses. Societe Generale Assurances is also pursuing the expansion of its distribution model by developing external partnerships.

Societe Generale Assurances offers a full range of products and services to meet the needs of Individual, Business and Corporate clients in whole life insurance, retirement savings, personal protection and non-life insurance businesses.

Leveraging the expertise of its 3,000 employees, Societe Generale Assurances combines financial strength with dynamic innovation and a sustainable development strategy so as to be a trusted partner for its customers. Gross premiums stood at EUR 19.0 billion in 2025, with the share of unit-linked (UL) funds totalling 37%.Outstandings in whole life insurance reached a record level of EUR 158 billion at end-2025, up by EUR 12 billion, of which Unit-Linked funds accounted for 41%. Market share in terms of net inflows on the French market is nearly twice as high as that of outstandings, demonstrating the competitiveness of our offers and the dynamism of our SG network and Societe Generale Private Banking distributors and our external partner network. In protection (personal and non-life insurance), business was stable compared to 2024.

In 2025, Societe Generale Assurances continued to grow in France, and internationally, by fully exploiting the potential of the effective integrated bank-insurance model and by strengthening the profitable growth driver of external partnerships. This growth was driven by simple and effective digital pathways to increase customer satisfaction, using data and AI to improve business and operational efficiency and strong financial results. In 2025, Societe Generale Assurances received more than 40 awards for the quality of its products and services, including an Argus d’Or awarded for Mon Empreinte Épargne, an innovative scheme that allows customers to measure the sustainable impact of their whole life insurance investments.

Global Banking and Investor Solutions (GBIS) is tasked with providing its Global Markets and Investor Services and Financing and Advisory offering to a global client base of businesses, financial institutions, investors and sovereign funds.

GBIS has a headcount of around 14,000 employees located in 33 countries and operates in around 50 countries. It boasts extensive European coverage and has representative offices in Europe, the Middle East, Africa (EMEA), the Americas and the Asia-Pacific regions.

Acting as a linchpin in financial flows between issuers and investors, GBIS supports its clients over the long term, offering them a variety of services and integrated solutions tailored to their specific needs. The Group has forged strong and long-lasting ties with a large base of loyal clients thanks to the added value of its franchises and the globally recognised broad range of expertise of its businesses.

The experts at GBIS provide issuer clients-—large corporations, financial institutions, sovereigns, and public‑sector entities—with strategic advisory services to support their development, as well as access to capital markets to help them raise financing and manage their risks. They also serve investors who manage financial savings with clearly defined risk‑return objectives.

A pioneer in sustainable and positive‑impact finance, the Group advises its clients and offers concrete financing and investment solutions supporting the transition toward a more sustainable economy. The Group places social and environmental responsibility at the core of GBIS businesses.

In September 2023, the Group confirmed the medium-term strategy for its Global Banking and Investor Solutions core business and underscored the key feature of these activities under  its diversified banking model. Societe Generale’s goal is to consolidate its position as a top-tier European corporate and investment bank.

SG is ideally positioned to benefit from the major trends for the coming years, such as sharp growth in infrastructure and energy transition financing.

The strategy is based on five priorities:

■continue to improve operational efficiency;

■reduce RWA intensity by developing an advisory-oriented, less capital-intensive model;

■enhance value creation across our leading integrated franchises;

■remain an innovative supplier of ESG solutions;  

■be at the cutting-edge of digital innovation (digital assets and AI).

While leveraging its position as a leading European corporate bank and trusted partner for its clients, the recent partnership between AllianceBernstein and Brookfield illustrates the Bank’s capacity to develop innovative resources to broaden its client offering and develop alternative sources of revenue.

Finally, innovation is at the heart of the strategy of Global Banking and Investor Solutions. For example, Societe Generale is a pioneer in the issuance and management of digital assets with its subsidiary
SG Forge. This has launched the stablecoins EUR CoinVertible (EURCV) and USD CoinVertible (USDCV), which are now available on crypto-asset exchange platforms. These initiatives are designed to strengthen the transparency and traceability of financial transactions in the stablecoin sector.

The Global Markets and Investor Services Division includes Global Markets’ activities formed by the “Fixed Income and Currencies” and “Equities” Divisions and the “Securities” businesses. As such, the division combines the strength of a leading financial institution offering global access to markets with the customer-oriented approach of a broker positioned as a market leader in its activities, delivering value-added services and innovative solutions.

The teams, which comprise financial engineers, salespeople, traders and specialist advisors, use SG Markets, a unique and unparalleled digital platform, to provide tailored solutions designed to address each customer’s needs and specific risks, and to assist them to navigate increasingly interconnected financial markets.

In addition, work performed by Societe Generale’s Cross Asset Research Department provides insight into the impact of major events on the various asset categories and analyses the relationships between asset categories. This key information is included in strategic fact sheets. Since January 2020, the Bank has systematically included Environmental, Social and Governance (ESG) analyses in its equities publications – now produced by the “Bernstein – Societe Generale Group” joint venture – alongside its fundamental financial analysis. The Extel Europe Research Survey for 2025 ranked Societe Generale as the best for Index Research and Multi-Asset Research, and in the Top 3 for Quantitative Research, confirming the quality of its Equity and Cross-Asset Quant research. In addition, Societe Generale was named “World’s Best Bank for ESG” at the Euromoney Awards for Excellence 2025.

The launch of Bernstein in early 2024 created a global leader in equity research and cash equities that covers more than 1,000 companies. The Extel Europe Research Survey for 2025 ranked Bernstein eighth for research in Europe.

Fixed Income and Currencies activities cover a comprehensive range of products and services ensuring the liquidity, pricing and hedging of risks related to the fixed income, credit, foreign exchange and emerging market activities of Societe Generale clients.

Teams operate in London, Paris, Madrid and Milan, as well as in the US and the Asia-Pacific region, and offer a wide range of flow and derivative products. Underpinned by in-depth research, engineering and trading, they provide strategic advice, flow data and competitive prices.

The teams assist corporate clients and financial institutions with investments and risk management, providing advice on the most appropriate opportunities depending on each client’s protection and return of capital objectives. Leveraging 15 years’ experience in structured finance hedging, FIC teams are able to provide customised solutions for each financing transaction, including risk hedging where required. Drawing on solid expertise underpinned by cutting-edge technology and algorithmic trading, clients also have access to a wide range of instruments, technologies and liquidities in fixed-income and credit markets via single and multi broker platforms to execute spot trading and derivatives transactions.

With an historic presence on the world’s major primary and secondary equity markets and its long-standing tradition of calculated innovation, Societe Generale is a leader in a comprehensive suite of varied solutions covering the full spectrum of cash equity and derivative-based services, equity finance, equity structured products, strategic equity transactions and Prime Services activities.

Drawing on more than 30 years’ experience in this field, the Group occupies a leading position in derivatives and investment solution products and continues to constantly innovate by offering tailored advisory and innovative solutions tailored to the needs of  its clients. The Group has succeeded in maintaining this global leadership position, including a strategic post-review since 2020 of the most complex products, while developing the next generation of investment solution products and remaining a pioneer in innovation, notably for CSR. The Bank has been recognised by IFR and The Banker, as Equity Derivatives House of the Year and Investment Bank of the Year for Equity Derivatives respectively.

This innovative approach is applied to the full array of equities-related activities, spanning equity research, trading, equity financing and listed products.

Societe Generale Securities Services (SGSS) offers a comprehensive range of customised services, including:

■market-leading clearing services;

■custody and depository bank activities, covering all asset classes;

■fund administration services for managers of complex financial products;

■issuer services, including administration of stock option plans and employee shareholdings, etc.;

■liquidity management services (cash and securities);

■transfer agent activities, providing a comprehensive suite of services ranging from support to fund distribution.

As a long-standing player in the Securities business, SGSS has placed innovation at the heart of its development, whether offering services to managers of private assets (real estate, private equity, infrastructure funds, etc.) and digital assets, or supporting sustainable investment promoters. Recognised for the quality of its services, SGSS is one of the top three providers of securities services in Europe.

The Financing and Advisory business line is responsible for covering and developing global relationships with the Bank’s strategic clients. The Department houses:

■the Global Banking & Advisory platform which combines, in one business unit, the Coverage teams dedicated to Global Banking clients and the business teams: mergers and acquisitions, advisory and other corporate finance advisory, ESG advisory, corporate banking and investment banking, namely capital raising solutions for debt or equity, financial engineering and hedging for issuers;

■Global Transaction and Payment Services.

The Global Banking & Advisory platform operates on a worldwide scale with expert teams located in France and Europe, the
United Kingdom, the Americas region and in Asia. The teams’ knowledge of customers and local regulations is key to conducting domestic, international and cross-border business.

In 2025, the Group was widely recognised for the quality of its activities, the robustness of its operating model and the implementation of its sustainable finance strategy. All the awards received reflect the performance of the business lines, the expertise of the teams and the ability of the Group to support its clients through their transformation.

■Global recognition: the Group was named Best Global Bank by Global Finance, confirming its position among the leading players in the sector.

■Business and regional excellence: market activities, specialised finance and advisory earned recognition in various regions, including Europe, Asia-Pacific, Australia, Africa and the Americas. Named European Leader in Real Estate Finance by Euromoney Real Estate.

■Project finance: several awards were received in the infrastructure and energy sectors, confirming the market recognition of the Group’s expertise in structuring complex transactions. The Group was named Investment Bank of the Year for Infrastructure and Project Finance by The Banker.

■Sustainable finance: the Group received several major ESG awards, including Best Global Bank in ESG from Euromoney and Best Investment Bank in Sustainable Finance from Global Finance and The Banker. Global ESG Financial Advisor of the Year by IJGlobal, illustrating the Group’s ability to support its clients’ transition.

The Global Banking & Advisory platform teams provide issuer customers and investors with a comprehensive suite of products and integrated solutions, both financing and advisory. They are housed in four core businesses:

■the Investment Bank offers a full range of services to support its clients, thanks to in-depth knowledge of sectors and products and proven capabilities in local and cross-border execution. IBD’s business consists of supporting major clients on all their investment banking needs, whether in strategic advisory services, M&A, equity and debt capital markets or leveraged acquisitions;

■the Origination platform, via the Financing and Advisory Sectors, specialises in lending and advice and ensures that the banking solutions offered are in line with the specificities of the sectors of activity covered. The sectors are focused on origination and build on their strengths in Financial Advisory and ESG. They define and deliver a strategic sector roadmap, in collaboration with the Coverage and Industry Groups of the Investment Banking Division in order to share their knowledge and services. The nine Financing and Advisory sectors include: Batteries, Mining & Industries, Energy, Infrastructure, Real Estate, Sustainable Transportation, Telecom Media Technology, Sustainable Commodity Trading, Development & Export Finance;

■the Distribution & Credit Solutions Division is a team dedicated to providing comprehensive credit solutions to its clients. Its mission is to connect capital seekers with capital providers on public or private markets, leveraging a global sales force. In addition to the syndication of loans and bonds, the division is developing new distribution channels for private debt, in particular through partnerships. The team also offers a full market-making, trading and secondary market financing service to support the Group’s business and that of its clients. Finally, the division offers leading securitized investment solutions and fund financing offers;

■the Sustainability Advisory team is dedicated to providing strategic ESG and sustainability advisory services to help our clients make a positive impact on sustainable development and improve access to financial markets. The division is notably responsible for developing ESG advisory solutions for clients, supporting origination in the structuring of sustainable finance products and implementing advisory services for impact investing. Finally, this team is responsible for supporting the deployment of a transition fund designed to support, among others, transition actors, green technologies, and nature‑based solutions.

■In addition to organising teams in direct commercial contact with the Group’s clients, the Credit Portfolio Management Division manages loan portfolios with the aim of improving capital management via optimisation and accelerating balance-sheet turnover. The monitoring of ESG commitments and trajectories, the enhancement of data used and the optimisation of the Front-to-Risk and Front-to-Investor chains are equally essential ambitions for this division.

The Global Transaction & Payment Services teams focus on major economic and financial operators and domestic and international financial institutions, medium and large companies with international and multinational activities that require support with flow management and specialist short-term financing for their banking, commercial, corporate flows and/or payment flows.

These teams also provide expertise to the retail business units on their businesses and manage the Group’s euro payment platform.

Operating in more than 40 countries, the business line delivers a comprehensive and integrated range of solutions and services, leveraging the expertise of the Transaction Banking businesses. It houses five transactional banking activities:

■cash management;

■trade finance;

■cash clearing and correspondent banking;

■receivables and supply chain finance;

■Forex services associated with the payments for our activities, in partnership with Global Markets.

The know-how of the Global Transaction Banking's teams is regularly acknowledged: Europe’s Best Transaction Bank (Euromoney 2025), No. 1 in Belgium and Italy, No. 2 in France and Algeria (Euromoney Cash Management Survey 2025), World and Western Europe’s Best Bank for Transaction Banking, Most Innovative Bank in Western Europe, Global and Western Europe Best Supply Chain Finance Provider, Best Cash Management Bank in France, Cameroon & Senegal, Best Bank for Financial Institutions in Western Europe (Global Finance 2025), World’s Best Fintech Collaboration in Supply Chain Finance (TMI 2025).

The Mobility, International Retail Banking and Financial Services business lines bring together:

■International Retail Banking activities spanning our banking networks in Eastern Europe, Africa and in the French overseas territories;

■Mobility and Financial Services which houses the operational vehicle leasing and fleet management, as well as the consumer finance activities.

The Group aims to strengthen these activities to better serve its clients and support their international expansion, relying on its strong foothold in high‑potential markets where it holds leading positions. Its strategy is based on the diversified bank’s relationship model as well as distribution and pooling of expertise aimed at improving revenues with a constant focus on developing intra-group synergies, while continually seeking to optimise the allocation of scarce resources and strengthen risk management. With around 37,000 employees and commercial operations in 48 countries, the Mobility, International Retail Banking and Financial Services' business lines offer a comprehensive range of products and services for individuals, professionals, SMEs, and large corporates.

International Retail Banking activities currently hold leading positions in Europe, the Mediterranean Basin and sub-Saharan Africa.

Komerčni Banka (KB) is the Czech Republic’s third-largest bank in terms of balance-sheet size, with outstanding loans of EUR 38.1 billion and outstanding deposits of EUR 44.9 billion at the end of December 2025. KB serves close to 2.2 million individual, business and corporate clients, through a total of 185 branches and more than 7,200 employees. KB, which was founded in 1990 and became a subsidiary of Societe Generale in 2001, has developed its universal banking activities for individual and professional clients and expanded its traditionally significant presence among corporate clients and municipalities. KB is also present in Slovakia under KB Slovakia, which is exclusively devoted to corporate clients. In addition to its universal banking activities, the KB Group also offers a dedicated range of products for individual clients with ESSOX (consumer loans and car financing), Modra Pyramida (mortgage facilities), as well as a range developed in collaboration with Insurance and Private Banking.

Since 2020, KB has undertaken major transformation initiatives, deploying flexible working methods on a large scale, increasing investments in the digitalisation of its services and customer journeys, and significantly optimising its distribution network. By the end of 2025, KB completed the migration of around 1.5 million retail customers to its new digital bank. In 2026, migrations will continue for entrepreneurs and small businesses.

In 2025, KB was voted the Mastercard “Bank of the Year 2025” coming first in the "Corporate Bank of the Year" and "Bank Without Barriers" categories.

In Romania, BRD is one of the largest bank by balance-sheet size, with outstanding loans of EUR 10.6 billion and outstanding deposits of EUR 14.8 billion at the end of December 2025. With more than
100 years of history, and especially since its acquisition by the SG Group 25 years ago, BRD has built a leading franchise and a strong universal banking brand. BRD serves around 2.2 million clients, through a total of 347 branches and around 5,500 employees and is recognised for its financial strength, its commitment to supporting the economy, and the expertise of its teams. BRD offers a wide range of products and services for individual, professional, and corporate clients. The bank operates in synergy with other Group entities, notably through specialised subsidiaries providing financial and operational leasing services, insurance, and asset management.

Since 2024, BRD has embarked on a transformation path aimed at capturing more of the opportunities offered by the Romanian market and improving its operational efficiency through process simplification, accelerated digitalisation, and the optimisation of resource utilisation. This transformation will support the achievement of the objectives defined in BRD’s strategic plan, which is structured around three pillars: Client, ESG, and Efficiency.

In 2024, BRD was awarded the "Bank of the Year 2024 in Romania" by The Banker magazine and the "Best Trade Finance Provider" by Global Finance.

In the Mediterranean basin, the Group operates in Algeria (since 1999) and Tunisia (since 2002) and serves more than 1.3 million clients through a sales network totalling around 3,200 employees and 250 branches. At end December 2025, outstanding loans totalled EUR 3.8 billion and outstanding deposits stood at EUR 5.1 billion. In 2024, Societe Generale completed the disposal of its activities in Morocco.

In sub-Saharan Africa, the Group benefits from a longstanding presence and strong local positions, particularly in Côte d’Ivoire and Senegal. The Group has 221 branches and around 3,900 employees in the region, serving more than 1.3 million clients. At end December 2025, the outstanding loans reached EUR 7.3 billion and deposits EUR 8.5 billion. Since 2023, Societe Generale has announced the disposals of its stakes in Congo, Chad, Mozambique, Madagascar, Burkina Faso, Guinea Conakry, Mauritania and Equatorial Guinea subsidiaries. The Group also announced the opening of a strategic review of its subsidiary in Ghana. The Group has also announced the signing of an agreement for the disposal of all its holdings in Benin/Togo in 2024 and in Cameroon in 2025. Société Générale remains fully committed to supporting its major clients in Africa, notably through its global Corporate and Investment Banking franchises and through its subsidiaries operating on the continent.

In Overseas France, the Group operates in Reunion and Mayotte, French Polynesia and New Caledonia. Societe Generale deploys its services there for its 213,000 individual, professional and corporate customers, through a commercial system totalling 52 branches and around 1,000 employees.

In 2024, Societe Generale received the “Responsible Bank of the Year” award for the African continent and the “Best Trade Finance Provider” accolade awarded by Global Finance, in Algeria, Ghana, Cameroon, Senegal and Tunisia.

Ayvens offers mobility solutions centred on operational vehicle leasing and fleet management for businesses of all sizes in both local and international markets. It also caters to the needs of individual clients but on a smaller scale. The business combines the financial benefits of operational leasing and those of a complete range of upscale services, including maintenance, tyre management, fuel consumption, insurance and vehicle replacement.

Following the completion of ALD Automotive’s acquisition of LeasePlan in 2023, Ayvens became a global leader in multi‑brand long‑term vehicle leasing solutions for companies and a leading global player in sustainable mobility. Ayvens has one of the widest geographical coverage in the industry (41 countries), manages a combined fleet of around 3.2 million vehicles, and employs more than 13,000 employees as of end‑December 2025.

A pioneer in mobility solutions, Ayvens continuously innovates to offer its clients, fleet managers, and drivers high‑standard support and services tailored to their needs.


Ayvens has been listed on Euronext Paris since June 2017. Societe Generale is its majority shareholder and, as such, Ayvens benefits from the Group’s financing capacity and its expertise in businesses that generate synergies with Ayvens’ activities (insurance, retail banking, vehicle leasing, consumer finance specialised in mobility).

Societe Generale Group operates in Europe via (i) specialised consumer finance subsidiaries in France (CGI), Germany (BDK and Hanseatic Bank) and Italy (Fiditalia). With loan outstandings of €22.5 billion and deposit outstandings of €3.7 billion at end‑December 2025, the Group ranks among the four leading specialised players in Europe and holds top‑tier positions: leader in France, Top 3 in Germany and Top 4 in Italy. These activities involve 2,900 employees and offer financing solutions — mainly assigned loans — through a B2B2C model. More than 80% of outstandings are generated through 22,000 partners, with a strategy primarily focused on mobility financing (61% of outstandings), in synergy with Ayvens’ activities.


The Group’s leadership in growing markets supports prospects for profitable development. These activities are also working to strengthen operational efficiency through productivity gains and the mutualisation of operational platforms.


Following a partnership with the Chinese electric vehicle leader BYD, Societe Generale signed a strategic agreement in November 2025 with Chery to offer financing solutions supporting its automotive sales in Europe. In 2025, Hanseatic Bank surpassed one million customers and received the Finanz Award for its credit card for the sixth time.