{"id":62752,"date":"2023-09-19T00:26:42","date_gmt":"2023-09-19T04:26:42","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/societe-generale-outlines-new-strategy-targets-slower-growth-and-reduced-oil-and-gas-exposure\/"},"modified":"2023-09-19T00:26:45","modified_gmt":"2023-09-19T04:26:45","slug":"societe-generale-outlines-new-strategy-targets-slower-growth-and-reduced-oil-and-gas-exposure","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=62752","title":{"rendered":"Societe Generale outlines new strategy, targets slower growth and reduced oil-and-gas exposure"},"content":{"rendered":"
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\u00a9 Reuters. <\/span>
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French banking giant Societe Generale (OTC:) has unveiled a strategic plan for 2022 to 2026 that focuses on streamlining its portfolio and reducing its exposure to the oil and gas sector. Announced on Monday, the plan is expected to bolster the bank’s strength through a simplified business portfolio, according to Chief Executive Slawomir Krupa.<\/p>\n

The bank’s new strategy includes a more modest target for average annual revenue growth, set between 0% and 2% over the 2022-26 period. This is a notable decrease from its previous targets for the 2021-25 period, during which the bank aimed for at least 3% growth annually.<\/p>\n

Societe Generale also revealed plans to diversify its revenue streams, primarily through increased advisory services and growth in self-financed risk-weighted assets, as part of a disciplined capital strategy. The bank has set ambitious financial targets for 2026, aiming for a return on tangible equity between 9% and 10%, a cost-to-income ratio below 60%, and a common equity tier 1 ratio\u2014a measure of financial strength\u2014at 13%.<\/p>\n

In line with global trends toward sustainability, Societe Generale is seeking an aggressive reduction in its upstream oil-and-gas exposure. By 2030, the bank aims to achieve an 80% reduction relative to its 2019 levels. This marks a significant increase from its earlier goal of a 20% reduction by 2025. The bank now aims to halve its exposure by this date.<\/p>\n

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.<\/em><\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. French banking giant Societe Generale (OTC:) has unveiled a strategic plan for 2022 to 2026 that focuses on streamlining its portfolio and reducing its exposure to the oil and gas sector. Announced on Monday, the plan is expected to bolster the bank’s strength through a simplified business portfolio, according to Chief Executive Slawomir […]<\/p>\n","protected":false},"author":1,"featured_media":9415,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-62752","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nSociete Generale outlines new strategy, targets slower growth and reduced oil-and-gas exposure | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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