Societe Generale SA (STU:SGE)

€ 24.64 -0.35 (-1.4%) Market Cap: 19.47 Bil Enterprise Value: 9.10 Bil PE Ratio: 8.52 PB Ratio: 0.31 GF Score: 70/100

Societe Generale SA at Morgan Stanley Conference Transcript

Mar 20, 2019 / 12:10PM GMT

Release Date Price: €27.55 (-1.41%)

Transcript

Bruce Allan Hamilton

Morgan Stanley, Research Division - Equity Analyst

Okay, so thanks very much for joining us.

I'm delighted to introduce the CFO of SocGen, William Kadouch-Chassaing. I'll ask him a few questions shortly, but before I do that, just a quick polling question for the audience.

What do you view as most important for SocGen to narrow its gap to book value? Is it, firstly, delivery on the cost efficiency plan and evidence of positive operating jaws at a group level in 2019 and '20? Is it, secondly, the ability to execute its disposal program to get close to the 12% CET1 target ideally in 2019? Thirdly, is it linked to benign credit cycle and slow cost of risk normalization; fourth, inflection in French retail profitability driven either by top-line or more aggressive cost saves; and then finally, improving ROE of the corporate and institutional banking division or GBIS? Thank you.

(Voting)

Bruce Allan Hamilton

Morgan Stanley, Research Division - Equity Analyst

Okay, so capital just edging it on the efficiencies.

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