Societe Generale has unveiled a revised strategy targeting a return on tangible equity of 13% to 14% in 2029 and over 15% from 2030 onwards, as chief executive Slawomir Krupa works to reshape the French lender. The bank expects its 2029 cost base to come in below €16.3bn, a reduction of around 2% in absolute terms from the 2026 level, with the savings intended to offset about €1bn of inflation over the same period plus an additional €600m of planned investment. The plan points to average annual group revenue growth of about 3% between 2026 and 2029 and a cost/income ratio below 55% in 2029. Within the group, French retail, private banking and insurance is targeting a cost/income ratio under 55% in 2029 versus a 2026 objective of below 60%, Global Banking and Investor Solutions is seeking below 60% versus a 2026 target of below 65%, and Mobility, International Retail Banking and Financial Services is aiming for less than 47%. BoursoBank is targeting about €115bn in assets under administration by 2029 and private banking around €180bn in assets under management, while the group said its approach to acquisitions would remain selective.
Societe Generale S.A.Societe Generale unveiled a revised strategy targeting 13-14% ROTE in 2029 and a lower cost base below €16.3bn, signaling improved profitability and cost discipline.
