SocGen Boosts Capital Strength as Oudea's Revamp Takes Hold
- Bank strengthens CET1 ratio to target of 12% ahead of schedule
- French lender said to have hired McKinsey to advise on capital
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Societe Generale SA Chief Executive Officer Frederic Oudea boosted the bank’s capital strength and outperformed most rivals in equities trading as the bank’s largest restructuring in years takes shape.
The French lender -- which exceeded its capital requirement by the narrowest margin of the eurozone’s top 10 listed banks last year -- achieved its 2020 target for a CET1 ratio of 12% ahead of time and said it’s on track to keep the metric at that level. The increase may alleviate concerns among analysts who had suggested the bank may need to raise capital.