Monthly report, August 2010
- A LA UNE
>> Q2 and H1 2010 results
With Group net income of EUR 1.08 billion in Q2 2010 (EUR 2.15 billion in H1), Societe Generale has confirmed its rebound. The Group:
- has demonstrated its commercial dynamism in its domestic market and benefited from the diversification of its international retail banking operation,
- continues to see a gradual recovery in the earnings of Specialised Financial Services’ activities as well as the Private Banking, Global Investment Management and Services division,
- has provided further evidence of the resilience of its market activities and the commercial dynamism of its financing offerings in Corporate and Investment Banking.
>> SG CIB obtains Gilts Primary Dealer status
Societe Generale Corporate & Investment Banking announces that it has been granted the status of Gilt-Edged Market Maker (GEMM), with effect from 1 September 2010. This role, granted by the UK Debt Management Office and the London Stock Exchange, allows SG CIB to become a primary dealer in gilts, UK government bonds in sterling, issued by the UK Treasury. The bank will now be able to participate directly in gilt auctions, while playing an active role in the issuance, distribution and marketing of UK government debt.
- OUR BUSINESSES
>> Synergies helping solidarity development
«Client au Grand Coeur» (Customer with a Big Heart) is a co-branding operation on the migrants market instigated by the Bordeaux regional office in synergy with BHFM Paris and SGMA. Launched in February 2010 by the Bordeaux regional office, the principle of this operation is simple: for every i-transfer subscription, the Zakoura Foundation in Morocco receives five euros that will be allocated to purchasing schoolbags and reading books for underprivileged children.
>> Car insurance steering the right route!
Each year, the French “ Dossiers de l’Epargne” site carries out a comprehensive study of the market’s insurance contracts, including a “ Guide Auto / Moto” car and motorbike guide. The study looks at some forty car insurance offers, following which independent experts attribute Labels d’Excellence to the best contracts. In 2010, Sogessur’s car insurance contract obtained this “ Label d’Excellence”.
>> Societe Generale London Branch. FSA’s decision
The FSA has fined Societe Generale London Branch (SGLB) £1.575 million for breaches in its transaction reporting obligations since the implementation of MiFID in November 2007.
- HUMAN RESOURCES
>> The professional certification of market players
In the wake of the crisis and the strengthening of the Markets in Financial Instruments Directive (MiFID), the French market regulator (AMF) is asking banks to confirm the knowledge of employees who inform on, advise on, or carry out transactions on financial instruments. As of 1 July 2010, some Societe Generale Group employees are required to undergo a professional certification process that will prove that they have the expertise required for their positions.