According to Benoît Desserre, head of global transaction banking at Société Générale, 2018 was a “remarkable year” for the business.
The bank’s net income in Western Europe (excluding France), Asia and the USA for transaction services rose by 16% – “outstanding given that we are seeing negative interest rates in markets in Europe,” he says.
France is not included in this data. Critics claim that this is because Société Générale’s performance in the country has come under pressure from competitors such as BNP Paribas and Crédit Agricole.
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