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To say that a bank whose shares fell by almost a third last year had a good 2018 would be a stretch. But monetary policy and political problems are outside Société Générale’s control.
France no longer appears the liberal beacon it briefly became after the 2017 election of president Emmanuel Macron. Countrywide protests over a fuel tax rise among other issues have weakened the scope for market-friendly reform in France.
SocGen’s shares underperformed European banks’ as a whole by about 7% in the 12 months to mid December, according to Berenberg.
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