Societe Generale SA

Societe Generale <SOGN.PA> is considering merging its two French retail networks in an attempt to boost profitability, after two consecutive quarterly losses due to poor trading results.

Societe Generale is gearing up to launch the sale of its asset management arm Lyxor as the French lender seeks to shore up its finances after two consecutive quarterly losses, two sources familiar with the matter told Reuters.

Societe Generale <SOGN.PA> is gearing up to launch the sale of its asset management arm Lyxor as the French lender seeks to shore up its finances after two consecutive quarterly losses, two sources familiar with the matter told Reuters.

French bank Societe Generale overhauled its top ranks on Tuesday, announcing the departure of two deputy chief executives after its worst quarterly performance since the global financial crisis.

Societe Generale SA <SOGN.PA> said on Monday it hoped to put all "the bad news" behind it following two straight quarterly losses that have prompted a revamp of its struggling markets unit.

Societe Generale reported a 1.26 billion euros ($1.5 billion) second-quarter loss, as it booked a writedown on the value of its trading business and increased provisions for loans that could turn sour because of the COVID-19 pandemic.

France's Societe Generale <SOGN.PA> signed a new five-year distribution agreement with asset manager Amundi and said it would open up its retail and insurance networks to more asset managers.

Australia's corporate regulator on Wednesday said the Australian securities unit of France's Societe Generale SA (SocGen) <SOGN.PA> has pleaded guilty to charges of breaching client money provisions.

Societe Generale <SOGN.PA> will adapt its business to the conditions created by the coronavirus crisis and to ensure it changes the market view on the French bank's financial path, its Chief Executive Frederic Oudea said.

France's third-biggest bank Societe Generale said on Wednesday evening it would publish first-quarter results on April 30 before market opening, instead of May 6.

France's Societe Generale said it was committed to guaranteeing the salaries of its 140,000 staff around the world during the coronavirus crisis and that it would not require any assistance from the state.

* MAKES AVAILABLE LOANS WITH THE FRENCH STATE GUARANTEE TO ITS CLIENTS

French investment bank Societe Generale SA's Australian securities arm has been charged with criminal offences for allegedly failing to separate its clients' money from its own, Australia's corporate regulator said on Wednesday.

French bank Societe Generale said on Tuesday that the company does not expect to issue any specific communication relating to the impact of the coronavirus outbreak on its results for the first quarter of the year.

France's third-biggest bank Societe Generale <SOGN.PA> is cutting more than 100 support function roles in its British business, in a cost-cutting plan that extends a broader group efficiency drive announced last year.

Societe Generale <SOGN.PA> joined on Thursday a growing list of European banks cutting or missing key financial targets as they struggle to grow on the back of negative interest rates and volatile trading volumes.

Societe Generale, France's third-biggest bank, boosted its capital in the fourth quarter following asset sales and revealed the possibility on Thursday of a share buyback as quarterly revenue rose.

Societe Generale, France's third-biggest bank, boosted its capital following asset sales in 2019 and said on Thursday that it would introduce a new shareholder remuneration policy in 2020 that would include a possibility of share-buybacks.

French bank Societe Generale <SOGN.PA> has agreed to sell its Nordics-based SG Finans division to Helsinki-headquartered Nordea Bank <NDAFI.HE> for 575 million euros ($634 million) as part of a wider asset sales plan.