The monthly report
The Major Events of September 2009
A LA UNE
>> Société Générale announces a EUR 4.8 billion capital increase
Société Générale has decided to launch a EUR 4.8 billion capital increase with shareholders’ preferential subscription rights. The subscription period will begin on 8 October 2009 and close at the end of trading on 20 October 2009.
This operation will enable Société Générale to:
• repay the French government by immediately repurchasing the Preference shares (B shares) and the Undated deeply subordinated notes (TSSDI) subscribed by the SPPE (the French state-owned investment company) for a cumulated subscription price of EUR 3.4 billion,
• increase the level and reinforce the quality of the Group’s solvency ratios; allow for selective acquisitions; in this regard, the Group has initiated the acquisition process for the remaining 20% minority interests in Crédit du Nord currently held by Dexia.
After taking into account the capital increase, the repayment of instruments held by the SPPE and the acquisition of an additional 20% stake in Crédit du Nord, the Group’s Core Tier One pro forma solvency ratio at 30 June 2009 stands at 8.0%, with the Tier One ratio at 9.7%.
>> Frédéric Oudéa presents the reorganisation of the General Management team
As of 1 January 2010, there will be a reorganisation of the Group’s General Management. On this date, three Deputy Chief Executive Officers will each take charge of the supervision of one of the following portfolios of businesses:
- the French retail banking activities, encompassing the Société Générale and Crédit du Nord networks as well as the Internet banking subsidiary Boursorama. (Jean-Francois Sammarcelli)
- the international retail banking activities (BHFM) and specialized financial services (DSFS) (Bernardo Sanchez Incera)
- corporate and investment banking (SG CIB), global investment management and services (GIMS), and the financial, risk and HR divisions (Séverin Cabannes)
At the end of the year, Didier Alix will step down from his position as Deputy Chief Executive Officer. He is to be appointed Senior Advisor to the Chairman and Chief Executive Officer and as such will follow a portfolio of the Group’s large strategic clients and assist me in strengthening the relationship model and the quality of customer service for all the Group’s customers and clients. He will also be responsible for managing the Group’s commitments to non-governmental organisations and charities, in particular through his position as Chairman of the Société Générale foundation.
>> Société Générale Corporate & Investment Banking appoints Christophe Hioco Chief Operating Officer
In this newly created position, his primary focus will be to provide optimal allocation of the scarce resources as well as driving the transformation of Société Générale Corporate & Investment Banking operational model. His remit includes the direct supervision of Resource functions (Operations, IT, Finance) and the management of operational risk via the Security and Anti-Fraud Expertise team.
- OUR EXECUTIVES
>> Edouard-Malo HENRY joined the Group’s Inspection department as of 8 October. He will take charge of the Inspection department on January 1, 2010 following Philippe MIECRET’s retirement. Edouard-Malo HENRY will join the General Management committee on this date.
>> Christian POIRIER will retire in October 2009 after 22 spent at the service of our Group, whether assisting the General Management as Advisor to the Chairman for over two years or working for the marketing and strategy division of BDDF, the consumer credit, leasing and factoring subsidiaries, the large Japanese corporates division or in public and semi-public financing.
- OUR BUSINESSES
>> Société Générale Insurance strengthens its presence in Serbia
Sogécap, the life insurance company of Société Générale Group, has obtained from the supervisory bodies, all the necessary authorizations for the launch of its life insurance business in Serbia.
>> The Group at Sibos 2009
Organised in Hong Kong from 14th to 18th September, Sibos 2009 brought together over 5,300 visitors and over 170 exhibitors. The Group was represented by a stand shared by Société Générale Securities Services (SGSS) and the Group’s Banking Services division (DPDI).
>> ALD Automotive creates an event to introduce its ALD Bluefleet offer
Specialised in the long-term rental and fleet management, ALD Automotive brought together over 400 clients in late September to introduce its environmentally-friendly ALD Bluefleet offer to them.
- HUMAN RESOURCES
>> Being recruited in just one day
On 21st September in Paris, the recruitment event “Un CDI en un jour” (“A permanent job contract in a day”) enabled 90 applicants to be welcomed, all of them shortlisted because of their CV or following a telephone interview.
- OUR IDENTITY
>> Société Générale Media Days: standing by journalists
On Monday 21 September, around 50 journalists from countries around the world spent a morning in the company of Frédéric Oudéa, Séverin Cabannes, Michel Péretié and Daniel Truchi.
>> Safe Travel: an assistance portal for employees on overseas business and postings
In an effort to increase the protection of its employees on overseas business and postings, Société Générale has decided to create a health/security assistance service in collaboration with International SOS.
- OUR VALUES - INNOVATION
>> International Retail Banking enters Second Life
As part of the LabCube project – an experimental programme managed by the Innovation Division – Société Générale organised its first internal meeting within a 3D digital universe (Second Life).
- OUR COMMITMENTS - SPONSORING
>> A look back at the EDF Handisport encounters
To increase the visibility of its various sports, the Fédération Française Handisport, with the support of EDF and its partners, recently organised a big open day in Paris. The Group was there.
- ARTISTICS SPONSORSHIP
>> Back in the rhythm
The Group’s Mécénat Musical Société Générale (MMSG) association has taken on new engagements and continues to devote time to its existing commitments.
>> The Group’s contemporary art Collection is branching out
On 25th June, the acquisition committee rubber-stamped the purchase of 26 works of art to further enrich the Group’s contemporary art Collection within the framework of an acquisition programme specifically undertaken for the new Granite tower.