Key Developments: Societe Generale (SOGN.PA)
31.27EUR
23 May 2013
€-0.86 (-2.68%)
€32.13
€31.20
€31.39
€30.90
1,363,662
5,925,109
€34.40
€15.28
Latest Key Developments (Source: Significant Developments)
Societe Generale Opens Third Branch At Sanand In Gujarat-The Economic Times
The Economic Times reported that Societe Generale, a French multinational bank, has opened third corporate banking branch at Sanand, near Ahmedabad in Gujarat. It already has branches in Mumbai and Delhi. Bank will provide all-types of financing, both short-term working capital lines and medium-long term equipment or project finance, in Indian as well as foreign currencies, from Sanand. Full Article
Societe Generale Updates on FY 2012 Dividend Payment Procedure
Societe Generale announced that the Board of Directors which met on February12, 2013, decided to propose the distribution of a dividend for fiscal year 2012 of EUR 0.45 per share to the Annual General Meeting, and to offer shareholders the possibility of opting for a dividend payment in new shares. Subject to a favorable vote by the Annual General Meeting on May 22, 2013, dividend detachment will take place on May 29, 2013. The offer period for the dividend payment in shares will extend from May 29, 2013 to June 12, 2013 included. After that date or in the event of failure to exercise the option, the dividend will be paid exclusively in cash. The issue price of new shares will be equal to 90% of the amount resulting from the calculation of the average of initial quoted prices in the twenty trading sessions preceding the date of the distribution decision minus the dividend amount and rounded up to the nearest euro cent. If the amount of the dividends for which the option is exercised does not correspond to a whole number of shares, the shareholder may decide to receive the whole number of shares immediately above by paying, on the day the option is exercised, the difference in cash, or to receive the whole number of shares immediately below plus a balancing cash adjustment. Shares issued by way of a dividend payment will incur interest from January 1, 2013. The dividend will be paid as from June 24, 2013. Full Article
Societe Generale Announces New Phase In The Transformation and Appoints New Chief Financial Officer
Societe Generale announced that it is entering a new phase of its Ambition SG 2015 program to reinforce its universal banking model. The Group thus plans to reinforce its organization by further refocusing on its core businesses and simplifying its operating structures and methods. The new organizational structure will stand on the three core businesses: a French Retail Banking pillar, which covers the current scope (Societe Generale’s French Network, Credit du Nord, Boursorama); a new International Retail Banking and Financial Services pillar created by the combination of International Networks and Specialized Financial Services and Insurance; and a new pillar encompassing Corporate & Investment Banking and Private Banking, Global Investment Management Services. In addition to that, the Company announced that Mr. Philippe Heim has been appointed Group Chief Financial Officer as of March 1, 2013. Full Article
Societe Generale Proposes FY 2012 Dividend Payment
Societe Generale announced that it will propose for fiscal year 2012 a dividend payment of EUR 0.45 per share, with a scrip dividend option, to the General Meeting of Shareholders. Full Article
Carlyle Completes Buyout Of Societe Generale's TCW-Reuters
Reuters reported that Private-equity group Carlyle has completed a deal to buy Societe Generale SA's Los Angeles based asset-management arm, TCW, alongside the unit's management. No financial terms were disclosed in Carlyle and TCW's joint statement released on February 6, 2013. According to a source familiar with the matter told Reuters late last year that the deal could value TCW at about $700 million. Full Article
Societe Generale's Societe Generale Securities Services Wins 20 New Mandates for its Fund Distribution Services.
Societe Generale announced that Societe Generale Securities Services (SGSS) has won 20 new mandates in Europe for its fund distribution services since July 2012. In particular, SGSS in France has been appointed by BBH Luxembourg Funds, the cross border fund range of Brown Brothers Harriman & Co., to act as its centralizing agent in France; and SGSS UK has been mandated by Pioneer Investments, to provide UK facilities agent services for nineteen sub-funds within its Pioneer SICAV, and by Natixis International Funds (Lux) I, which is managed by NGAM S.A. (part of Natixis Global Asset Management), to act as UK facilities agent for its nineteen sub-funds. Full Article
Societe Generale Loses UK Supreme Court Case Against Fired Banker-Reuters
Reuters reported that Societe Generale has lost a lawsuit against a fired London-based investment banker that could cost the bank up to EUR20 million ($26 million). The UK Supreme Court ruled that Belgian banker Raphael Geys, SocGen's former managing director of European fixed income sales in London, had been sacked without proper notice in 2007 and was entitled to extra bonus payments. Full Article
Societe Generale Securities Services Mandated by Frontier Asia Capital Hong Kong Ltd
Societe Generale announced that Societe Generale Securities Services (SGSS) in Ireland has been mandated by Frontier Asia Capital Hong Kong Ltd to provide a full set of services to accompany the re-domiciliation of its fund in Ireland. Under the terms of this mandate, SGSS will provide the fund with custody, trustee and transfer agency services, as well as all the fund accounting services required within the legal framework of an Irish-registered UCITS fund, in particular the preparation of regulatory documents, including assistance with the Key Investor Information Document (KIID), fund pricing and client reporting. Full Article
Societe Generale Announces Departure of Chief Financial Officer
Societe Generale announced the departure of Mr. Bertrand Badre, Chief Financial Officer of the Group, who has been appointed Managing Director for Finance and Chief Financial Officer of the World Bank Group, which he will join the on March 1, 2013. His replacement will be announced at a later date. Full Article
Societe Generale Announces Closing Of Sale Of Geniki Bank to Piraeus Bank
Societe Generale announced that it has finalized sale of its entire 99.08% stake1 in its Greek subsidiary Geniki Bank to Piraeus Bank. It marks the obtaining of all the required regulatory approvals. Full Article
Russia's VTB seeks to sell Rosbank stake: paper
MOSCOW - Russia's second largest bank VTB wants to sell its stake in Societe Generale's Russian unit Rosbank and may part with it by the end of the year, the Kommersant daily on Thursday cited an executive as saying.
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