Slawomir Krupa in Davos, Switzerland, January 17, 2024. (AFP / FABRICE COFFRINI)
The general director of Société Générale, Slawomir Krupa, estimated on Wednesday that “the probability of a large-scale cross-border operation in Europe” involving the banking group was “zero”, to date, in response to a controversy launched by comments by Emmanuel Macron.
Asked last week by the American channel specializing in finance Bloomberg TV on a fictitious example of the first Spanish bank Santander wishing to buy Société Générale, the president then replied that “this is part of the market, but acting as Europeans means needing consolidation as Europeans.
The president “was speaking on a question of European policy, it is within his mandate. As far as we are concerned (…) the probability of a large-scale cross-border operation in Europe is from my point of view zero” , assured Mr. Krupa during the bank’s general meeting.
Consolidations “are today in Europe extraordinarily improbable for a whole series of reasons”, of a regulatory but also industrial nature, the synergies of such an operation being difficult to exploit, according to him.
On Wednesday, in an interview with L’Express, Emmanuel Macron clarified his comments about Société Générale, claiming to have “never” spoken about a specific case – because “that would be very unwelcome” – but “in a generic way”. “I have never entertained nor will I entertain any speculation on any French group whatsoever,” he insisted, the very morning of the general meeting of the French bank.
“If we say that we are for the banking union and the capital markets union, we are for European players to organize themselves optimally among themselves. The rest is business life, that does not concern me,” he added.
Refocusing of activities
At the head of Société Générale for a year, Slawomir Krupa was expected on his balance sheet during this general meeting.
Last September, he presented a new strategic and financial plan with a view to making Société Générale a leading European bank that is “robust and sustainable”, recalled the chairman of the board of directors Lorenzo Bini Smaghi in the introduction to the AGM.
“The board of directors, through my voice, wishes to reaffirm confidence in the ability of general management and the group’s teams to deliver this strategy in 2024 and in the following years,” said Mr. Bini Smaghi.
Societe Generale has engaged in a phase of refocusing of its activities in recent months, which is giving rise to a wave of disposals: it is drastically limiting its exposure to Africa and is in the process of divesting itself of its property financing activities. equipment for businesses.
The media La Lettre reported on Wednesday that Société Générale is also looking for a buyer for its 75% stake in Hanseatic Bank, a subsidiary dedicated to consumer credit in Germany, a rumor that Mr. Krupa refused to comment on.
The bank also announced at the start of the year the elimination of 947 positions at the Paris headquarters, in addition to the 3,700 linked to the merger of the retail banking networks in France.
Among the mandates given to Mr. Krupa was that of raising the share price. In one year, this has increased by almost 13%, to more than 27 euros, although with an uneven progression.
Among the three listed banks appearing in the flagship CAC 40 index, Société Générale is the least valued by investors: its market capitalization was around 22 billion euros on Wednesday, while BNP Paribas is worth almost four times that and Crédit Agricole SA , more than double.
The shareholders finally validated all the resolutions put to the vote, including the payment of a salary of just over one million euros to the former general manager Frédéric Oudéa for 2023.