Societe Generale: Disclosure of regulatory capital requirements effective from 1st January 2024
30 Novembre 2023 - 8:48PM
Societe Generale: Disclosure of regulatory capital requirements
effective from 1st January 2024
DISCLOSURE OF REGULATORY CAPITAL REQUIREMENTS
EFFECTIVE FROM
1ST
JANUARY
2024Press
release
Paris, 30 November 2023
The European Central Bank notified Societe Generale of the level
of its Pillar 2 Requirement (P2R), which will apply from 1st
January 2024. It stands at 2.42%, including 1.44% in the form of
CET1. This level includes the additional requirement of 0.17%
regarding Pillar 2 prudential expectations on calendar
provisioning relating to non-performing loans granted before 26th
April 2019, which must now be fully covered by CET11.
Considering the combined regulatory buffers, the minimum
requirements from 1st January 2024 applicable to Societe Generale
on a consolidated basis will be 10.22% for the CET1 ratio
(including 0.79% on Countercyclical buffers compared to 0.56% at
the end of September 2023), 12.14% for the Tier 1 ratio and 14.71%
for the Total Capital ratio.
The European Central Bank also notified Societe Generale of a
Leverage Ratio P2R (LR-P2R) requirement of 0.1%, bringing the
minimum leverage ratio requirement to 3.6% from 1st January 2024
(vs. 3.5% previously).
With a CET1 ratio at 13.3%2 as of 30th September 2023, the Group
benefits from a comfortable pro-forma buffer of more than 300 basis
points above regulatory requirements. Similarly, the Group's
leverage ratio stood at 4.17% as of 30th September 2023, well above
the requirement of 3.6%.
Press contact:
Jean-Baptiste Froville_+33 1 58 98 68 00_
jean-baptiste.froville@socgen.comFanny Rouby_+33 1 57 29 11 12_
fanny.rouby@socgen.com
Societe Generale
Societe Generale is a top tier European Bank with 117,000
employees serving 25 million clients in more than 60 countries
across the world. We have been supporting the development of our
economies for nearly 160 years, providing our corporate,
institutional, and individual clients with a wide array of
value-added advisory and financial solutions. Our long-lasting and
trusted relationships with the clients, our cutting-edge expertise,
our unique innovation, our ESG capabilities and leading franchises
are part of our DNA and serve our most essential objective - to
deliver sustainable value creation for all our stakeholders.The
Group runs three complementary sets of businesses, embedding ESG
offerings for all its clients:
- French Retail, Private Banking
and Insurance, with leading retail bank SG and insurance
franchise, premium private banking services, and the leading
digital Bank BoursoBank.
- Global Banking and Investor
Solutions, a top tier wholesale bank offering
tailored-made solutions with distinctive global leadership in
Equity Derivatives, Structured Finance and ESG.
- International Retail, Mobility
& Leasing Services, comprising well-established
universal banks (in Czech Republic, Romania and several African
countries), Ayvens (the new ALD I LeasePlan brand), a global player
in sustainable mobility, as well as specialized financing
activities.
Committed to building together with its clients a better and
sustainable future, Societe Generale aims to be a leading partner
in the environmental transition and sustainability overall. The
Group is included in the principal socially responsible investment
indices: DJSI (Europe), FTSE4Good (Global and Europe), Bloomberg
Gender-Equality Index, Refinitiv Diversity and Inclusion Index,
Euronext Vigeo (Europe and Eurozone), STOXX Global ESG Leaders
indexes, and the MSCI Low Carbon Leaders Index (World and
Europe).
In case of doubt regarding the authenticity of this press
release, please go to the end of the Group News page on
societegenerale.com website where official Press Releases sent by
Societe Generale can be certified using blockchain technology. A
link will allow you to check the document’s legitimacy directly on
the web page.
For more information, you can follow us on Twitter/X
@societegenerale or visit our website societegenerale.com.
1 Compared to 56.25% previously out of the 0.14%
requirement applicable for 2023.2 Including IFRS 9 phasing. Based
on CRR2/CRD5 rules, including the Danish compromise for
insurance.
- Societe-Generale-20231130-Notification-SREP-EN
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