Societe Generale SA (LTS:0J6Y)

€ 27.495 0.2375 (0.87%) Market Cap: 21.84 Bil Enterprise Value: -3.03 Bil PE Ratio: 14.09 PB Ratio: 0.32 GF Score: 64/100

Societe Generale SA at Bank of America Financials CEO Virtual Conference Transcript

Sep 21, 2021 / 09:40AM GMT

Release Date Price: €24.43 (-0.59%)

Transcript

Tarik El Mejjad

BofA Securities, Research Division - Equity Analyst

Good morning, everybody. Tarik El Mejjad from European bank's research team covering the French and Benelux banks. Before our next session with SocGen, I kindly ask you if you could participate to our small questionnaire on French banks that you could find by clicking on the polling button. It should take just a few seconds. I will read the questions in the meantime.

First question, the French banks have good capital positions with buffers well ahead of regulatory requirements. How, in your opinion, should this capital be better used? Number one, 50% payout and use the rest to fund faster organic growth and M&A; secondly, don't bother with growth and go for a material step-up in distribution through a higher cash payout, topped up with buybacks; and number three, 50% payout and build a higher buffer as more restructuring is needed and we are not done with the regulatory impact.

Question number two, do you believe the French banks can deliver above 10% ROE? Not sustainably, as long as CIB remains a large part of the

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