Like an old pair of slippers, retail banking is the division Société Générale knows it can rely on for a bit of comfort. When times are bad – as they have been lately – retail revenues, which comprise 60% of the group’s total, provide a welcome buffer. “For French banks in general and SocGen in particular, retail banking really is a cash cow,” says Guillaume Tiberghien, an analyst at Fox-Pitt, Kelton.
Société Générale has been more successful than BNP Paribas in attracting the best types of customers – graduates and high-net-worth clients.
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