Societe Generale’s €4.9 billion takeover of LeasePlan, announced on Thursday, is a big step in chief executive Frédéric Oudéa’s attempts to retell the bank’s story to investors; a tale previously characterized by investment-banking accidents – and then cuts.
The LeasePlan news came just as SocGen is reportedly bidding to buy parts of Dutch bank ING’s French digital bank, with a view to merge it with its own fast-growing digital bank, Boursorama.
According to Oudéa, the LeasePlan deal will make car leasing “a third pillar” for SocGen, alongside retail banking and insurance, and corporate and investment banking.
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