Societe Generale is billing a €825 million sale of asset manager Lyxor, best known for exchange-traded funds (ETFs), as the completion of a strategic reorientation process begun in 2018. But this refocusing, as it calls it, has come far short of turning the bank around.
Three years ago, according to Berenberg, SocGen was trading at a 20% discount to book value, while its French and eurozone peers were trading just below par. Today it’s even further behind, at a 60% discount to book value, while peers trade at a 30% discount.
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