Societe Generale steps up restructuring plans

14 February 2013

Societe Generale has announced a number of changes to its business as it steps up its restructuring programme in the wake of the global economic downturn.

The major French bank announced yesterday (13 February) that it has entered into a new phase of its Ambition SG 2015 programme as it seeks to strengthen its universal banking model by focusing on "three pillars of excellence".

In order to improve its operating structure and service to clients, the financier has decided to centre its business on areas where it has "solid franchises and recognized expertise".

The main aspects of the company's changes are the focus on its domestic retail banking business, while also creating a new international retail banking and financial services pillar and a corporate and investment division.

Frederic Oudea - chairman and chief executive officer of Societe Generale, which yesterday posted a net income loss of €476 million ($640 million) in 2012 quarter four - said the primary objective of these reforms is to make the bank "more efficient and flexible".

By Asim Shah

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