Societe Generale: Key highlights from Morgan Stanley conference, March 17th 2020
PRESS RELEASE
Paris, March 17th, 2020
Key highlights from Morgan Stanley conference, March 17th 2020
On the occasion of the Morgan Stanley conference, Frédéric Oudéa will today present his analysis of the measures announced by the French Government, Central Banks and supervisors to deal with the economic impacts of the coronavirus health crisis. He will also review the Societe Generale Group's main sector and geographic exposures.
On the basis of the SSM announcements of March 12th, Societe Generale Group's Minimum Distributable Amount ("MDA"), which stood at 10.03% at January 1st, 2020, should decrease by 105bp, of which 77bp following the early implementation of Article 104A of the CRD5 regulation, and 28bp with a countercyclical buffer reduced to zero. With a CET1 ratio of 12.7% at end-December 2019 (12.8% pro forma), the Group would thus have a buffer of around 370bp above the MDA compared to more than 200bp at the end of December 2019.
Furthermore, to date, there are no operational or financial elements that would justify a specific communication from Societe Generale Group regarding Q1 20 results.
Finally, the notice of a Annual General Meeting, scheduled for May 19th, 2020 will be published on Wednesday March 18th. It includes all the resolutions and in particular the one proposing a dividend of €2.20 per share for the year 2019.
Press contacts:
Antoine Lhéritier +33 (0)1 42 13 68 99
Corentin Henry +33 (0)1 58 98 01 75
Societe Generale
Societe Generale is one of the leading European financial services groups. Based on a diversified and integrated banking model, the Group combines financial strength and proven expertise in innovation with a strategy of sustainable growth, aiming to be the trusted partner for its clients, committed to the positive transformations of society and the economy.
Active in the real economy for over 150 years, with a solid position in Europe and connected to the rest of the world, Societe Generale has over 147,000 members of staff in 67 countries and supports on a daily basis 31 million individual clients, businesses and institutional investors around the world by offering a wide range of advisory services and tailored financial solutions. The Group is built on three complementary core businesses:
- French Retail Banking which encompasses the Societe Generale, Crédit du Nord and Boursorama brands. Each offers a full range of financial services with omnichannel products at the cutting edge of digital innovation;
- International Retail Banking, Insurance and Financial Services to Corporates, with networks in Africa, Russia, Central and Eastern Europe and specialised businesses that are leaders in their markets;
- Global Banking and Investor Solutions, which offers recognised expertise, key international locations and integrated solutions.
Societe Generale is included in the principal socially responsible investment indices: DJSI (World and Europe), FTSE4Good (Global and Europe), Euronext Vigeo (World, Europe and Eurozone), four of the STOXX ESG Leaders indices, and the MSCI Low Carbon Leaders Index.
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