2013-02-13 07:32:03 -
Paris, 13 February 2013
NEW PHASE IN THE TRANSFORMATION: ORGANISATION CHANGES & APPOINTMENTS
After taking a decisive step in its transformation in 2012, with major progress
in building up its financial solidity, Societe Generale is entering a new phase
of its Ambition SG 2015 programme to reinforce its universal banking model,
centred on three pillars of excellence, and continue to adapt to the new
economic and regulatory situation and the changing expectations of its clients.
The Group thus plans to reinforce its organisation by further refocusing on its
core businesses and simplifying its operating structures and methods.
Organisational project: to improve commercial and operational efficiency
The new organisational structure will
stand on the three core businesses on
which the Group has solid franchises and a recognised expertise, and on which
the Group intends to maximise synergies at the service of its clients:
* a French Retail Banking pillar, which covers the current scope (Societe
Generale's French Network, Crédit du Nord, Boursorama).
* a new International Retail Banking and Financial Services pillar created by
the combination of International Networks and Specialised Financial Services
and Insurance, the aim of which is to improve synergies across countries and
simplify the supervision.
* a new pillar encompassing Corporate & Investment Banking and Private
Banking, Global Investment Management Services, with a view to developing
commercial and operational efficiency, specifically in terms of the flow
business, with improved coordination of execution, clearing and custody
activities performed by SGCIB, Newedge and SGSS.
In addition, the Group relies on strong monitoring and control functions that
will need to adapt to the challenges of greater efficiency, simplification and
agility.
There will be review processes to define the target organisations for each
entity in the weeks to come. The organisation proposals will be addressed in the
framework of an enhanced employee dialogue in keeping with agreements with trade
unions and the procedures for consulting with worker councils.
Commenting on the proposed organisation, Frédéric Oudéa, Chairman and CEO said:
"As we begin 2013 with this second phase of our Ambition SG 2015 programme, we
are taking a new step in the transformation of the Group and its businesses. Our
primary objective will be to make our organisation more efficient and flexible,
so that we can deliver on our promise to our clients to be the best relationship
bank, under optimal profitability and risk conditions, and thus position Societe
Generale among the strong European universal banks in the new economic and
regulatory environment."
Appointments
The general management team composed of Frédéric Oudéa and the three Deputy
Chief Executive Officers, Séverin Cabannes, Jean-François Sammarcelli and
Bernando Sanchez-Incera will continue to work together under the authority of
the Chairman and CEO. They will retain their current scope of supervision over
the business lines. Séverin Cabannes will also be responsible for the
supervision of the Group's transformation.
With regard to the appointment for the proposed new business pillars:
- Didier Hauguel and Jean-Luc Parer will jointly assume responsibility
for the new International Retail Banking and Financial Services division that
will be created.
- Didier Valet will be in charge of the new division that will be the
result of pooling the Corporate & Investment Banking and Private Banking, Global
Investment Management Service activities.
In addition, Philippe Heim has been appointed Group Chief Financial Officer as
of 1 March 2013. William Kadouch-Chassaing replaces him as Deputy Chief
Financial Officer and Head of Group Strategy.
Jacques Ripoll, Head of Global Investment Management and Services, has decided
to pursue his career outside the Group. Frédéric Oudéa together with the general
management team thank him for his action within the Group and notably his
decisive contribution to the improvement of his division's performance, and they
wish him plenty of success in his new projects.
* * *
Biographies
Philippe Heim was Deputy Financial Officer since March 2012 and Head of the
Group Strategy since 2009. He began his career in 1997 at the French Budget
Ministry, where he held a number of posts before being appointed as Deputy Trade
commissioner at the French Embassy in Singapore. In 2003, he was appointed
technical advisor to Mr. Francis Mer, the French Minister of the Economy,
Finance and Industry. In 2004, he became the budget advisor to Mr. Nicolas
Sarkozy, the Minister of the Economy, Finance and Industry, and later the same
year he was appointed the Head of Cabinet of Mr. Jean-François Copé, Minister
for Budget and Government Spokesman. He joined Societe Generale in 2007 as a
senior bank before being appointed in 2009 as Head of Group Strategy. Philippe
Heim is a graduate of the National School of Administration (ENA), the Paris
School of Management (ESCP Europe) and of the Paris Institute of Political
Studies (Sciences Po).
William Kadouch-Chassaing joined Societe Generale is 2007 as Senior Banker
within Societe Generale Corporate & Investment Banking, in charge of a portfolio
of French and Belgium corporates. He started his career as an academic (History
and Economics) and a public servant, before joining JP Morgan in 1996, as a
market economist and strategist, then joining the M&A department in 1998, in
Paris and London.
William Kadouch-Chassaing graduated from the Ecole Normale Supérieure
(Humanities), from the Institut d'Etudes Politiques in Paris, from the Fondation
Nationale des Sciences Politiques and the Sorbonne University, where he focused
his research on contemporary history. He was awarded the rank of professor of
economics and social sciences.
Other biographies are available on request at the press office.
Societe Generale
Societe Generale is one of the leading financial service groups in Europe. With
its diversified banking model, the Group combines financial solidity and a
sustainable growth strategy with the ambition of being the relationship-focused
bank, a leader in its markets, close to its customers, and recognised for the
quality and the commitment of its teams.
The Group has over 160,000 employees across 77 countries, who serve more than
33 million customers across the globe. Societe Generale's teams offer advisory
and other services to individual customers, companies and institutions as part
of three main business lines:
* Retail Banking in France under the Societe Generale, Credit du Nord and
Boursorama brands;
* International Retail Banking, which is present in Central and Eastern
Europe, Russia, the Mediterranean Basin, Sub-Saharan Africa, Asia and in the
French Overseas territories;
* Corporate and Investment Banking with its broad range of expertise in
investment banking, finance and market activities.
Societe Generale is also a major player in the businesses of Specialised
Financial Services and Insurance, and Private Banking, Global Investment
Management and Services.
Societe General is included in the FTSE4Good and ASPI sustainable-development
indexes.
For more information, follow us on Twitter @societegenerale or visit
www.societegenerale.com.
ORGANISATION CHANGES & APPOINTMENTS:
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Source: SOCIETE GENERALE via Thomson Reuters ONE
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