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The bank sees the business as non-core, having sold part of its operations in 2020, said the people, who spoke on condition of anonymity. But a transaction may not happen soon because difficult market conditions weigh on the unit's valuation, they said. The bank's shares trade at 34% of their book value, almost on par with Deutsche Bank but half of the multiple of its bigger French rival BNP Paribas and Italy's UniCredit, amid concerns about the company's exposure to more volatile income from investment banking.Societe Generale is also said to be mulling options for its asset custody division, based on media reports.
The business employed 1,400 people and had roughly 24 billion euros of loans outstanding at the end of last year, including partnerships, based on SocGen's latest annual figures.
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SocGen open to sale of Equipment Finance unit in strategy review-sourcesSociete Generale is open to a sale of its Equipment Finance business as the French bank's new CEO Slawomir Krupa embarks on a broad strategic revamp, people familiar with the company told Reuters. Krupa, who will present SocGen's new strategic plan on Monday, will try to convince investors he can boost returns while setting achievable goals in a challenging environment marked by slowing economic growth. A spokesperson for SocGen declined to comment.
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US factory booms strengthen MUFG's dominance in project financeA U.S. factory construction boom driven by tax credits in the Inflation Reduction Act (IRA) is helping Mitsubishi UFJ Financial Group (MUFG) to shore up its dominance in project finance, a senior executive at the top Japanese lender said. MUFG ranked No. 1 in U.S. project finance loans for 13 straight years, as it took advantage to bridge the gap created by the 2008 global financial crisis that forced U.S. and European rivals to cut risk-weighted assets on their balance sheets. The bank's experience through tough times and retained capabilities have put it in a strong position to benefit from a recent surge in project finance deals, Fumitaka Nakahama, the chief of MUFG's global corporate and investment banking, told Reuters.
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US factory booms strengthen MUFG's dominance in project financeBy Makiko Yamazaki and Ritsuko Shimizu TOKYO (Reuters) - A U.S. factory construction boom driven by tax credits in the Inflation Reduction Act (IRA) is ...
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