Societe Generale will press ahead with an overhaul of its investment bank after its equities division posted its best performance in six years in the first quarter. — AFP file picPARIS, May 6 — Societe Generale will press ahead with an overhaul of its investment bank after its equities division posted its best performance in six years in the first quarter, the French bank said today.
It has sold divisions in Eastern and Central European countries such as Poland, Serbia and Bulgaria and also either quit or cut back some corporate and investment banking activities, such as commodities trading. Krupa told reporters that activity over the last three quarters was supporting the bank’s thoughts about the investment banking review, without elaborating.
UniCredit and ING beat profit expectations on Thursday, as did Italy’s largest bank Intesa Sanpaolo yesterday. However, European banks are still grappling with thin margins due to record low interest rates and Covid-19 restrictions, meaning the resilience of their first-quarter rebounds is likely to be tested if trading volumes wane.
SocGen also confirmed that provisions for loan losses due to the pandemic would fall this year from 2020 levels.
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