Société Générale: ‘Smart’ French bank plots two-pronged approach
Builds out onshore presence in markets; Focuses on project finance, lending in banking
Société Générale is aiming to succeed in both the banking and markets businesses in Asia following a rethink of its entire organization and strategy, according to management in the region. The strategies appear quite different in style. In markets, Société Générale is aiming for a cutting-edge modern trading house with onshore presence in the key markets, and a broad-based flow business built on top of its traditionally strong structured products and derivatives capabilities. In banking, by contrast, the model resembles an update of a more old-fashioned style of traditional banking with the focus on lending, project finance and selective client advisory rather than large volumes of primary markets underwriting and headline-grabbing M&A.
"We are aligning globally to create a cross-asset platform"
Andrew Wardle, Société Générale
Take the markets business first.