In recent years, the Société Générale Group has focused on developing its activities around three core businesses through a combination of organic growth and acquisitions.
Retail Banking was strengthened in 1997
through the acquisition of Crédit du Nord,
highlighting the Group's determination to capitalise on the
restructuring of the French banking system. At the same time,
Société Générale has looked to secure the
long-term loyalty of its customers (launch of "one account number
for life" and introduction of Jazz, a package of service
offers).
In 1998, Société Générale set up
Retail Banking outside France as a separate division,
underscoring the Group's resolve to make this business one of its
strategic development axes. This activity was also strengthened in
1999 through the acquisitions made in Rumania, Bulgaria and
Madagascar.This external growth strategy has been manifested
through acquisitions in Central Europe (Komercni Banka in the Czech
Republic and SKB Banka in Slovenia) in 2001. Africa is also a major
area of interest for the bank, with the 2002 purchase of Eqdom in
Morocco (the market leader in consumer lending) and Union
International de Banque in Tunisia. In addition, 48% of SBB Bank in
Ghana was acquired in 2003. In terms of specialized financial
services, a department created in mid-2001, the purchase of two
Deutsche Bank subsidiaries—ALD for multi-brand auto leasing
and financing and GEFA for corporate sales financing enabled
Société Générale to increase its European
presence in these sectors. In 2002, it continued to pursue its
external growth strategy by purchasing Hertz Lease, a European
subsidiary specializing in long-term leasing and fleet management
for Ford vehicles.
With a track record as leader in France for
financial savings products (mutual funds, investment funds, company
savings plans), the Group has developed its Asset
Management and Private Banking activities: in 1999, its
subsidiary, Société Générale Asset Management,
pursued the strategy of developing both its mutual fund management
business in France and its activities aimed at major institutional
investors at an international level. With the launch of
Société Générale AM UK in London and the
acquisition of Yamaichi in Japan, Société
Générale Asset Management has taken a decisive step in
establishing its international presence and is now able to offer
its customers truly global fund management capabilities.
Société Générale also has a worldwide presence
in private banking activities. After pursuing a deliberate policy
of acquisitions in 1998, Société Générale
Private Banking consolidated and developed its franchise in 1999
against a backdrop of tougher competition.
During the 1st quarter
2004, the third branch of activity of the Société
Générale Group, GIMS
Global Investment Management and Services was created.
In February 2004, Société
Générale set up a
new division named SG GSSI, Global Securities Services
for Investors, which provides full investor services on
securities and listed derivatives covered by the group around the
world.
SG GSSI is attached to
the GIMS which regroups SG Asset
Management, SG Private Banking and SG Global Securities Services
for Investors. GIMS employs
7,600 people.
