SociéTé Générale

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SociéTé Générale

 

(full name, Société Générale Pour Favoriser le Développement du Commerce et de I’Industrie en France), one of the three largest commercial banks of France. Founded in 1864 by an international syndicate headed by the banker Rothschild as a joint-stock company with its administrative center in Paris. The members of the syndicate included, in addition to representatives of the French financial olicharchy, important bankers from Belgium, Germany, Holland, and Switzerland.

Until the law of 1945 regulating banking business in France and dividing banks into commercial (deposit) and business (investment) banks, the Société Générale was a bank with diversified activities. On Jan. 1, 1946, it was nationalized, and the former stockholders were issued inscribed bonds paying yearly dividends. The bonds are amortizable over a period of 50 years, beginning in 1947.

The Société Générale performs all the operations of a deposit bank, its main operation being the issue of loans for foreign trade. In 1971 it had more than 1,800 branches in France and abroad and offices in the United States and Great Britain and was represented in Italy, the Federal Republic of Germany, Japan, Australia, Argentina, Brazil, Mexico, Tunisia, and Indonesia. It also has subsidiary banks in France, Belgium, Spain, and Argentina. In Lebanon and in several African states, including the Ivory Coast, the Malagasy Republic, Tunisia, the Central African Republic, the People’s Republic of the Congo, Senegal, Cameroon, Morocco, and Mauritania, it operates jointly with a number of banks set up as its branches. It also has joint operations with many French and international financial companies. Its fixed capital and reserves are 650 million French francs, and its total balance is 46.7 billion French francs. On Jan. 1, 1971, its deposits amounted to 38.9 billion, the total of its discount loans to 35.7 billion, and its cash and current accounts to 5.4 billion francs.

K. A. SHTROM

References in periodicals archive ?
Under the terms being negotiated, SocGen will take the 50% interest it does not already have in Newedge for EUR275m (USD372m) and at the same time sell a 5% stake in Amundi to Credit Agricole for EUR337.
SocGen also announced the signing of the acquisition by Boursorama of the whole stake of CaixaBank in SelfTrade Bank, their common Joint Venture in Spain, representing 49 percent of the share capital.
The news agency, which noted that a share-exchange structure would not eat into the lendersa[euro](tm) cash resources, reported discussions on Credit Agricolea[euro](tm)s potential sale of its interest in Newedge to SocGen back in June.
BNP is offering to swap seven SocGen shares for 15 of its own shares and eight Paribas shares for 11 BNP shares.
Following the fine, SocGen has commissioned a formal review of its transaction reporting process.
SocGen is known in the City for its equities, derivatives, corporate finance and corporate banking arms, while Paribas is known for its fixed income work.
NEW YORK--(BUSINESS WIRE)--Standard & Poor's CreditWire 9/3/97-- Standard & Poor's today assigned its single-'A' rating to the US$800 million of preferred stock issued by SocGen Real Estate Co.
Baader joined SocGen in 2009 and has been chief economist for the region since 2012.
6 November 2013 - French lender Societe Generale SA (EPA:GLE), or SocGen, will unveil on 7 November a deal to acquire peer Credit Agricole SA's (EPA:ACA) 50% interest in brokerage venture Newedge Group SA and trim its stake in jointly owned fund manager Amundi, Le Figaro said.
7 October 2013 - Russiaa[euro](tm)s Bank VTB OAO (MCX:VTBR) on Monday said it had inked a framework accord on the sale of its 10% interest in local Rosbank AKB OAO (MCX:ROSB) to the targeta[euro](tm)s parent Societe Generale SA (EPA:GLE), or SocGen.
Global Banking News-October 14, 2010--Morgan Stanley, SocGen execs start derivatives advisory(C)2010 ENPublishing - http://www.