LONDON/PARIS, Sept 14 - Societe 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.
The bank trades at about a third of its book value, almost on par with Deutsche Bank but half 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.Shares in SocGen were trading at 26.6 euros around 10.30 GMT on Friday, fairly flat from the previous close, implying a market cap of close to 22 billion euros.
In his first remarks to analysts in his new role as CEO, Krupa said in August his management team had the responsibility of"running a tight ship in terms of our portfolio of activities" and would focus on"long-term value creation". Rather than naming non-core businesses, SocGen is more likely to outline the group's growth areas, said one person familiar with the bank's thinking.
SocGen is also said to be mulling options for its asset custody division, according to media reports.
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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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