Wednesday , June 29 2022

GUIDANCE 1 – SocGen shareholders are the comfort of Oudéa as Chief Executive


(Updated with statements by Frédéric Oudéa at the GA)

PARIS, May 21 (Reuters) – Societe Generale shareholders voted on Tuesday to renew the term Frédéric Oudéa as director, adding to his position as managing director, despite the bank's continued difficulties in comforting the market. its profitability and its financial strength.

At a General Meeting (AGM), the shareholders approved its renewal for a third term of four years at almost 96%.

As last March's Board of Directors, Frédéric Oudéa will now be re-appointed to the post of General Manager who has been running since 2008.

While Societe Generale was forced to restructure its corporate bank and invest and reduce its financial targets, Frédéric Oudéa sought to defend his balance sheet at the AGM. He tried to secure shareholders' desire to transform the bank and achieve the goals in 2020.

"When the council confirmed to me that I wanted to renew my vote, I asked myself if I would have the energy and desire to continue transforming the bank at the right pace", said Société Générale managing director in & # 39; r shareholders.

"My personal answer is yes (…) Make sure, in making your decision, my total commitment to serving your interests and continuing my work."

He asked the GA about the banking consolidation that the European authorities call his wishes, Frédéric Oudéa expressed reservations about the possibility that such a consolidation could improve the profitability and financial solvency of his t organization.

"We have a priority, which is even more valuable in terms of creating at the beginning, which is to complete our path in the next quarters," said the manager. "We will see when the time comes, depending on the environment, if a scenario of this type (NDLR cross-border raprochement) creates more value or not continue our trail."

On the stock market, Societe Generale shares have fallen by more than 9% since the start of the year against a European banking index up 4%. Over twelve months, the stock has lost 39% of its value.

Inti Landauro and Matthieu Protard, edited by Bertrand Boucey

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