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.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
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.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
SocGen open to sale of Equipment Finance unit in strategy review-sourcesBy Pablo Mayo Cerqueiro, Mathieu Rosemain and Andres Gonzalez LONDON/PARIS (Reuters) - Societe Generale is open to a sale of its Equipment Finance ...
Source: SaltWire Network - 🏆 45. / 63 Read more »
Curve Finance: Of market movements and price puzzlesCurve Finance's enigmatic journey unfolds as CRV tokens migrate to Binance while its price struggles to recover post-hack, leaving investors intrigued and markets guessing.
Source: CryptoAmb - 🏆 22. / 68 Read more »
Futures mixed as chip equipment, auto stocks decline; rate-pause hopes support sentimentApplied Materials, Lam Research and KLA Corp dropped over 2% each after Reuters reported Taiwan's TSMC, the world's top chipmaker, had asked vendors to delay delivery of high-end chipmaking equipment, weighing down Nasdaq futures. Automakers Ford Motor and General Motors shed 2% each before the bell after the United Auto Workers union launched simultaneous strikes at three factories owned by the 'Detroit Three', including Chrysler-owner Stellantis, marking the most ambitious U.S. industrial labor action in decades.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Futures mixed as chip equipment, auto stocks decline; rate-pause hopes support sentiment(Reuters) - Wall Street index futures were mixed on Friday as shares of Ford and General Motors as well as chip-equipment makers declined in premarket ...
Source: SaltWire Network - 🏆 45. / 63 Read more »