Societe Generale
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Societe Generale Private Banking, the wealth-management arm of Societe Generale, is a worldwide private bank with a strong European base. It had €140 billion of assets under management at the end of September 2023.
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There are sensible elements to CEO Slawomir Krupa’s plans for Societe Generale, but their communication needs attention.
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Investors and staff at Societe Generale are slowly starting to understand chief executive Slawomir Krupa’s brutally honest approach to the bank’s many challenges. Taking them with him as he embarks on his restructuring plan may prove a more delicate task.
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Corporate and development banks want their capital to reach the smallest and most impactful of SMEs in frontier markets. Traditional credit ratings and risk assessments can get in the way.
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More banks have announced partnerships with asset managers to place loans into private debt funds that offer investors better risk-adjusted returns than bank equity.
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As a relative outsider, Slawomir Krupa might have appeared better suited to the chief executive job at Societe Generale precisely because it had done so badly under an establishment insider. BNP Paribas’ good performance, by contrast, would make the traditional background of its rumoured chief-executive-in-waiting, Marguerite Bérard, less of a barrier.
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Societe Generale’s strong historical footprint in Central and Eastern Europe and Africa, together with its growing business in the Middle East, mean that the French bank has a combination of deep knowledge and competitive local presence in the CEEMEA region.
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Slawomir Krupa may yet turn around Societe Generale. But it won’t be by shock and awe.
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Despite tweaks to improve efficiency, Societe Generale’s new strategy has received a lukewarm reception. New CEO Slawomir Krupa has lifted the capital target, but revenues will remain flat, and there is a lack of news on asset sales.
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After buying parts of BNP Paribas and Societe Generale, Orabank is African banking group Vista’s boldest acquisition yet. Despite coups and sovereign debt distress, Vista’s founder and chairman Simon Tiemtoré tells Euromoney how he can succeed where other higher profile ventures have failed.
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The past year has seen Societe Generale play a crucial role in central and eastern Europe’s financing markets, led by Philippe Madar, head of corporate coverage for Europe. It is top of Dealogic’s mandated lead arranger rankings for regional syndicated loans in the awards period. Its market share in loans was almost twice as high as the next ranked bank, and it was also involved in some of the key bond deals during the awards period.
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Africa’s best bank for transaction services, Societe Generale operates in 19 countries in Africa, with 4.3 million clients, including 175,000 corporate clients. Its global transaction and payment services team is led by Alexandre Maymat.
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The past year has seen Societe Generale reap the benefits of its long-term investment initiative in its transaction services business across Europe.
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From small-scale asset financing to innovative technologies, the French bank understands what a credible transition plan looks like.
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Societe Generale’s recent African exits, and BNP Paribas’s talks with Orange Bank, highlight how closely Europe’s banks tend to follow each other. Differences are often more a question of strength than strategy.
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The big transaction banks are becoming increasingly active in the B2B marketplace as they seek to cash in on corporate digital transformation.
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Societe Generale Private Banking has demonstrated to the judges its ability to provide differentiated and valuable advice and solutions in wealth transfer and succession planning better than its peers in the past year, supporting its regional award in this category.
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Banks like Santander, BNP Paribas and SocGen see auto finance and the future of mobility as critical pieces of their overall group strategies. But as mobility becomes an increasingly fractured business, what does the auto finance bank of the future look like?
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Societe Generale and AllianceBernstein may look like an equities odd couple. Leveraging Societe Generale’s derivatives franchise is key to the new joint venture, as is maintaining AllianceBernstein’s reputation for independence.
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Societe Generale has exited, and Citi is winding down in retail, but the two biggest remaining Western European players in Russia are also spending a lot of time working out their exposures and operations in the country.
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Societe Generale’s choice of Slawomir Krupa to succeed Frédéric Oudéa suggests an approach of riding out the storm and continuing elements of Oudéa’s recent strategy, rather than any radical change.
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Societe Generale deserves the award for Africa’s best bank for sustainable finance on many levels. The French bank chooses its projects wisely, demonstrating an ability to marry quantity with quality. It works in lockstep with international and local partners, and with regional private and public-sector corporates, agencies and initiatives to achieve its ambitions.
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Despite selling some retail banks in central and eastern Europe to OTP, mostly in smaller markets, Societe Generale remains heavily involved in financing in this region under its global banking and advisory unit, led in CEE, Middle East and Africa by Denis Stas de Richelle. In Czech Republic and Romania, SocGen’s international banking operations are plugged into its local universal banks. But even as it has sold banks in other countries, it has sought to hold on to its sovereign and corporate clients there. It also enjoys a cooperation agreement with OTP in corporate and investment banking.
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The French bank is not only effecting internal change but is also using itself as a catalyst for wider transition.
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Bernd Spalt’s rift with his board shows Austria’s biggest bank is still finding its way in the post-Treichl era, even as it outperforms peers.
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As their involvement in fintech matures, large banks are focusing on building standalone digital businesses rather than just taking stakes in third-party startups through venture capital funds and accelerators. Can these new in-house ventures disprove the thesis that incumbent banks can’t create disruptive business models?
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SocGen’s deal to sell Russian lender Rosbank back to Vladimir Potanin’s Interros Capital is painful, but could help it to move on from the war in Ukraine.
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ING and Intesa Sanpaolo could take bigger hits than Societe Generale in a ‘walk-away’ scenario, according to Autonomous Research.
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Nicolas Cailly, head of payments and cash management at Societe Generale, is responsible for growing the French bank’s cash-management franchise. He tells Euromoney why the bank’s new treasury offering is a step forward for TMS implementation.
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LeasePlan’s absorption by Societe Generale-owned ALD comes at the same time as rumours of a takeover by SocGen of ING France, potentially adding to digital bank Boursorama’s growth.
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Sustainable finance and renewable energy are becoming more important for the French firm, as it reduces its emphasis on equity derivatives.
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Societe Generale’s decision to launch a joint treasury management solution with Kyriba is just the latest example of banks and technology vendors collaborating to offer more sophisticated treasury functionality.
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Financial innovation of the year 2021: EIB shows how security tokens may transform financial marketsEuromoney’s inaugural award for innovation goes to a groundbreaking issue of digital native tokens on a public blockchain in a syndicated bond deal that drew interest from 100 investors. While institutional money flows into crypto and DeFi, leading banks and issuers are now also keen to transform traditional markets with digital assets and digital cash.
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Banks have responded to fintech innovation in credit risk assessment by introducing more sophisticated processes for determining the financial health of trade finance customers.
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Deals such as this leave deeper problems unsolved at Societe Generale and similar banks.
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SocGen appears willing to accept lower volumes as the price for avoiding losses of the kind it experienced in 2020.
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With investment in technology supporting its Crédit du Nord merger, the bank hopes that product partnerships and a lower cost-to-serve will make it stand out in French retail.
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As European bank consolidation finally gets under way, Euromoney looks at the financial firepower of the region’s top 20 players. Which banks are now best-placed to do the acquiring and which are at risk of being swallowed up? Mid-tier banks in southern Europe look especially vulnerable.
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Societe Generale has long been active in promoting finance for small and medium-sized enterprises in Africa.
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UniCredit is the region’s best bank in this year’s Euromoney Awards for Excellence.
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Societe Generale’s footprint in CEE has changed dramatically over the last four years. At the start of 2016, the French group had one of the largest banking networks in the region, covering 13 countries from Albania to Georgia.
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The coordination of the financial response to the coronavirus crisis has sometimes seemed easier in France than elsewhere in Europe.
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Weight a business towards structured products, and life can quickly get uncomfortable.
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The coronavirus crisis has hit Europe so hard and so suddenly that banks have to radically rethink their normal approaches to dealing with a crisis.
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French banks are handing out more state-guaranteed loans than other country in Europe, but they have more to worry about than small businesses in France.
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Global and even regional growth will take a back seat as states call on banks to finance economic rebuilding after lockdowns.
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Best Private Banking Services Overall Net-worth-specific services: Mega HNW (>$250m) UHNW (>$30mln-$250mln) HNW ($5mln-$30mln) Super Affluent ($1mln-$ 5mln) Capital Markets and Advisory ESG/Impact Investing Family Office Services International Clients Investment Management Next Generation Philanthropic Advice Research and Asset Allocation Advice Serving Business Owners Data Management and Security Innovative or Emerging Technology Adoption
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Investors have rewarded cuts but restructuring may soon recommence, sparking fears of collateral damage in businesses it still cherishes.
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HSBC takes the top spot in Euromoney’s survey for the third year in a row.
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It's that time of year again, when we round up what senior management said about your business line in their quarterly earnings calls.
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Overall Credit Strategy Fixed Income Research (inclusive of all research) Actionable Trade Ideas
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Fixed income research consumers tell us which research teams have impressed them most during the past 12 months.
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Didn’t have time to go through your investment banking rivals’ results announcements? Don’t worry, we’ve done it for you, business by business.
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Société Générale’s deep commitment to supporting the communities it works in wins it the award as Africa’s best bank for corporate responsibility.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May CEE focus.
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Prospects for a European deposit insurance scheme (EDIS), together with technology, allow a relatively upbeat assessment on bank merger opportunities, according to Société Générale CEO Frédéric Oudéa.
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Disastrous fourth-quarter results cast a long shadow over Société Générale’s business, especially its corporate and investment bank. Deputy chief executive Séverin Cabannes has given up on fixed income. But is his plan to refocus on core strengths enough to reverse its fortunes?
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After disastrous fourth-quarter results, Société Générale’s growth and profitability targets lie in tatters. Read on for a guide to Dominic O’Neill’s report on Séverin Cabannes’ efforts to refocus the corporate investment bank he leads, and whether or not this can recoup the group’s credibility.
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It’s growing in areas such as equity derivatives, Africa and digital banking. But is this enough to make up for the poor performance in French retail banking?
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Chance of Société Générale merger remote, but bigger European banks to emerge in ‘medium term’.
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While others race for scale in the region, Société Générale has become the first of the big regional groups to dismantle its network voluntarily.
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Bulk up, or leave it to those with the finances and the commitment to the region to see if they can make a success of it.
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Absa’s efforts to establish wholesale-banking partnerships outside Africa, possibly with Barclays or Société Générale, underlines the importance of international links to African finance.
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Senior management at Société Générale sees a unique opportunity for growth in Africa, including east Africa, Nigeria and the lusophone countries. The aim is to be much more than the only French bank left standing on the continent. Instead, the bank is courting regional clients by building local markets and structured finance platforms, while its investment in mobile money could be the seed of a much bigger African consumer business.
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The west African state has reclaimed its status as the most attractive francophone market south of the Sahara. International banks are rushing to do business there.
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From the United Nations and the European Commission to customers and shareholders, the world’s banks face increasing pressure not only to consider their broader role in society but also to take actions that have a positive impact on it. There is no doubt that most chief executives take this challenge seriously. Whether they take it far enough remains to seen.
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Partnership could replace broken Barclays links; follows rumours of sale of Société Générale South Africa custody unit to Absa.
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Bank chief executives in Europe are increasingly obsessed with their new or rebooted digital arms. These businesses promise to fend off new competitors and capture a next generation of clients, while piloting front- and back-office innovations. They could even offer the best chance of expanding in the eurozone, making banking union a reality. But will these investments merely play into the hands of the new rivals and hasten the banks’ decline?
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Société Générale's online bank is the biggest in France - and one of the most aggressive.
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Fixed income research consumers tell us which research teams have impressed them most over the last 12 months.
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Fixed income research consumers tell us which research teams have impressed them most over the last 12 months.
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Meeting the needs of high net-worth families is more challenging and fascinating than ever. Private banks are investing in new forms of digital communication, catering to clients’ philanthropic demands, boosting fee transparency and finding ways to attract and retain the best young talent.
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The last instalment of our results analysis looks at banks’ markets businesses
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With HSBC having reported on Monday, the last of the 2Q18 results are in for the 12 main global corporate and investment banks; now for part 1 of our number-crunch
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A proposed tie-up between UniCredit and Société Générale would be a real game changer in the region: complementary and challenging.
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As global banks have pulled personnel back from CEE over the past decade, a divide has opened up between the big regional lenders and the bulge-bracket groups.
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The partial withdrawal of international firms from African banking has been a big theme on the continent for several years. Whether it is Barclays’ decision to exit Africa just 11 years after it bought Absa or Old Mutual’s separation from South Africa’s Nedbank, the trend has been towards a paring down of perceived African risk.
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Bank of America and Citi win top prizes; Credit Suisse’s Tidjane Thiam is named Banker of the Year; Asian banks make their mark in global awards.
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The French bank hopes with one small acquisition to burnish its green credentials, meet government requirements on renewable energy and show its potential to adapt disruptive financial technology
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Core division sees sharp fall as peers rise; follows exit of key investment bankers.
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Inside the LIA’s litigious pursuit of Gaddafi-era investments brokered by Western financial institutions as it brings controversial claims against Goldman Sachs, a Dutch asset manager and Société Générale.
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French bankers, like its politicians, do best when they promise less and achieve more – especially on the international stage.
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Can Frédéric Oudéa persuade investors to be as positive about SocGen as he is?
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Euromoney magazine has released the results of the 2017 Fixed Income Research Survey.
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Amid rising uncertainty over when the ECB will end quantitative easing and the likely extent of rate rises in the eurozone, the realization dawns that some investors could suffer devastating losses.
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The narrative in the Albanian banking sector was unchanged last year as Banka Kombetare Tregtare (BKT) continued to assert its dominance over former market leader Raiffeisen Bank. By the end of December, the Turkish-owned lender accounted for more than a quarter of all deposits in the country and nearly 22% of overall loans, while its Austrian rival saw its share of both markets slip to below 20%.
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Angola’s economy continues to suffer from low oil prices, a poorly functioning system of government and the influence of the state on the private sector.
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Austria’s best bank notched its best result to date last year on the back of a recovery in its emerging Europe operations. But while the group’s international network tended to grab the headlines, the domestic business also put in another strong showing.
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Overall market share Overall banks only Overall non-bank liquidity providers only Spot/forward market share Swap market share Options market share Emerging market currencies market share
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Some of Europe’s biggest banks have joined behind KBC’s blockchain prototype to help SMEs increase trade across the continent.
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More than 2,000 private banks took part in the 2017 Euromoney private banking survey. See who’s up and who’s down globally, regionally and by country.
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Frédéric Oudéa has been CEO of Société Générale for longer than any other current head of a leading European bank. His success in bringing the bank through the financial crisis and its aftermath is widely acknowledged. But can he articulate a convincing vision of SocGen’s future?
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SocGen CEO and European Banking Federation head says US-style continental franchises can emerge, but only after more integration of banking and capital markets has paved the way.
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Libyan Investment Authority fails to convince court US bank duped it; Société Générale case even bigger but LIA is rudderless.
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Results index Global All transactions 2016 2015 Bank Score 1 2 HSBC 6548 2 3 Citi 3830 3 1 Deutsche Bank 3116 4 13 Bank of New York Mellon 1728 5 14 Sumitomo Mitsui Banking Corporation 1536 6 8 JPMorgan 1534 7 5 Commerzbank 1359 8 4 Bank of America Merrill Lynch 1339 9 6 Standard Chartered 1305 10 7 Barclays 1303 11 9 Bank of Tokyo-Mitsubishi UFJ 1209 12 32 Industrial & Commercial Bank of China 1057 13 45 DBS Bank 1045 14 12 Wells Fargo 823 15 11 Bank of China 817 16 19 Societe Generale 721 17 18 Mizuho Bank 692 18 16 UniCredit 607 19 21 ADCB 605 20 15 RBS 535 21 10 BNP Paribas Fortis 504 22 Cathay United Bank 501 23 22 Yapi Kredi 355 24 UOB 352 25 ANZ Banking Group 340 26 23 ING Group 265 27 35= Agricultural Bank of China 251 28 29 Akbank 250 29 17 RZB 223 30 137= Bank Mandiri 218 31 42 Arab Bank 194 32 39 Bank of Communications 193 33 28 UBS 189 34 ATF Bank 188 35 208= Bank Central Asia 182 36 BNI 46 162 37 CIMB 156 38 38 Danske Bank 152 39 65= Banco BPI 144 40 208= Bangkok Bank 132 41 Siam Commercial Bank 126 42 40 Credit Agricole 122 43 34 BBVA 118 44 Hang Seng 116 45 41 Lloyds 114 46= 27 Garanti Bank 110 46= 74= Bancolombia 110 48 Bank Danamon 107 49 NAB 106 50 Bank of Nanjing 103
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The country’s banking sector is the most undercapitalized in Europe, so French calls for a delay to new capital rules are growing.