Societe Generale: Disclosure of regulatory capital requirements as from 1st January 2023
DISCLOSURE OF REGULATORY CAPITAL REQUIREMENTS AS FROM 1st JANUARY 2023
Press release
Paris, December 15th 2022
The European Central Bank notified the level of requirement in respect of P2R (Pillar 2 Requirement) for Societe Generale, which will apply from 1st January 2023. This level stands at 2.14%, including the additional requirement regarding pillar 2 prudential expectations on calendar provisioning regarding non-performing loans granted before 26 April 2019.
Considering the combined regulatory buffers, the minimum requirements applicable to Societe Generale on a consolidated basis will be respectively 9.36% for the CET1 ratio, 11.26% for the Tier 1 ratio and 13.80% for the Total Capital ratio as of 1st January 2023.
With a CET1 ratio at 13.1% (1) as of 30 September 2022, the Group benefits from a comfortable pro-forma buffer of around 370 basis points above the threshold for triggering distribution limitations.
(1) Including IFRS 9 phasing. Based on CRR2/CRD5 rules, including the Danish compromise for insurance.
Press contacts:
Jean-Baptiste Froville_ 00_
Fanny Rouby_ 12_
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. Committed to the positive transformations of the world’s societies and economies, Societe Generale and its teams seek to build, day after day, together with its clients, a better and sustainable future through responsible and innovative financial solutions.
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 117,000 members of staff in 66 countries and supports on a daily basis 25 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, Credit 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, with networks in Africa, 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 (Europe), FTSE4Good (Global and Europe), Bloomberg Gender-Equality Index, Refinitiv Diversity and Inclusion Index, Euronext Vigeo (Europe and Eurozone), STOXX Global ESG Leaders indexes, and the MSCI Low Carbon Leaders Index (World and Europe).
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