The monthly report
The Major Events of October 2009
A LA UNE
>> Results for Q3 2009
With Q3 Group net income of EUR 0.4 billion, Societe Generale has provided further evidence of the commercial momentum of activities both inside and outside France, as well as the quality of Corporate and Investment Banking customer franchises, and the anticipated positive effects in the implementation of the realigned operating model. Following the success of the capital increase, Societe Generale boasts a solid capital base with a proforma Tier 1 ratio of 10.8% and proforma Core Tier 1 ratio of 8.6%.
>> Success for the Group capital increase
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Societe Generale announced the success of its EUR 4.8 billion capital increase with shareholders’ preferential subscription rights launched on October 6 and closed on October 20, 2009.
The reimbursement of all the instruments issued to the SPPE for a cumulative subscription price of EUR 3.4 billion is expected to occur on November 4, 2009.
Total subscription orders amounted to approximately EUR 8.3 billion, i.e., an over-subscription ratio of 172%.
>> Appointments at Crédit du Nord, Boursorama and the Group Communication division
Societe Generale will propose the appointments of Jean-François Sammarcelli, Vincent Taupin and Hugues Le Bret at the next Board of Directors meetings of Crédit du Nord and Boursorama.
The Board of Directors of Crédit du Nord met on 3 November 2009. At this meeting, two new directors were co-opted. Jean-François Sammarcelli and Vincent Taupin, who will replace Didier Alix and Christian Poirier, who are set to retire.
The Board also decided to disassociate the functions of Chairman and Chief Executive Officer with effect from 1 January 2010. Jean-François Sammarcelli will then become Chairman of the Board of Directors and Vincent Taupin will become CEO of Crédit du Nord.
Alain Py, Chairman and CEO of Crédit du Nord since 2002, will retain his responsibilities until 31 December 2009 and will retire as of 1 January 2010.
Hugues Le Bret, currently Head of Communications Société Générale, will be proposed for the position of director of Boursorama, to succeed Vincent Taupin as Chairman and CEO as of 1 January 2010.
Caroline Guillaumin, currently Head of Corporate Communications at Alcatel-Lucent, will join Societe Generale group as of 1 January 2010. She will take up the role of Head of Communications at this time.
>> Amundi: a major player in asset management
Amundi is the name of the new asset manager created from the merger of the asset management divisions of the Societe Generale and Credit Agricole Groups. It is a name which lays claim to the business and expresses a new beginning. Amundi’s economic performance and product quality will enable the Group to meet the needs of its customers. Amundi will be the N° 3 European asset manager and figure in the world’s top ten thanks to its 650 billion euros in assets under management.
>> Awards for SG Private Banking and Rockefeller and Company
SG Private Banking and Rockefeller and Company have been jointly named 'Outstanding Wealth Manager for Family Office Services' by the magazine Private Banker International. The two partners were also among the top three finalists in the category 'Most Exciting New Wealth Management Model'.
- OUR BUSINESSES
>> New organisation of the functional divisions of GIMS
Since October 1st, the new organization of the functional divisions of GIMS is in place. It covers Societe Generale in France and is part of the adaptation of GIMS to the new economic and financial context.
>> Societe Generale at the Microenterprise trade fair in Paris
Societe Generale was present yet again at the Microenterprise trade fair on 6 to 8 October 2009 at the Palais des Congrès in Paris.
>> International Retail Banking strengthens its presence in India
Since 1 September 2009, the supervision of Societe Generale’s branch in India (2 branches in Mumbai and Delhi) is carried out by International Retail Banking instead of SG CIB.
>> Société Générale Securities Services wins 7 mandates in Italy
Société Générale Securities Services (SGSS) has won 7 mandates in Italy since the beginning of this year, including several pension funds. With 760bn EUR in assets under custody and 26bn EUR in assets under administration as at 30 June 2009, these wins confirm SGSS' position as the 2nd largest securities services provider in the Italian market in terms of custody, fund administration and transfer agency.
>> Banque de Polynésie and the EIB encourage the green economy
On Monday 12 October, Fréderic Coin, the head of Banque de Polynésie, and Bernard Gordon, the head of the EIB’s Caribbean Pacific division, signed an agreement designed to encourage ‘green’ investment.
- HUMAN RESOURCES
With CITIZEN ACT IV, Société Générale challenges students to "Invent The Bank of Tomorrow"
On 9 October 2009, the 4th edition of CITIZEN ACT, Societe Generale’s CSR Business Game was unveiled to students attending business and engineering schools, and universities. They can now sing up on www.citizenact.com. The goal is to develop projects to "Invent the Bank of Tomorrow" and if possible, bring them to fruition.
- OUR HISTORY
>> Société Générale Expressbank: 10 years of success
On October 1st, 2009, the Bulgarian subsidiary SGEB marked its 10th anniversary as part of the Group with an official cocktail party in Varna.
>> Societe Generale celebrating thirty years in Singapore
Societe Generale + Singapore = thirty years of shared history. On October 22, the Group celebrated this anniversary with a client event.
>> With Semens, Société Générale supports the professional insertion of disable people
On 23 October, Semens SA and the Société Générale Foundation signed a sponsorship agreement to support the ‘Hostellerie de Château Semens’, a hotel project that encourages the professional insertion of the disabled.