Société Générale S.A. (French: [sɔsjete ʒeneʁal]), colloquially known in English-speaking countries as SocGen (pronounced [sɔk ʒɛn]), is a French multinational universal bank and financial services company founded in 1864. It is registered in downtown Paris and headquartered nearby in La Défense.
Société Générale is France's third largest bank by total assets after BNP Paribas and Crédit Agricole. According to S&P Global's April 2026 report, it is Europe's seventh largest bank by assets, with $1.813 trillion in assets. It is considered to be a systemically important bank by the Financial Stability Board. It has been designated as a Significant Institution since the entry into force of European Banking Supervision in late 2014, and as a consequence is directly supervised by the European Central Bank.
From 1966 to 2003 it was known as one of the Trois Vieilles ("Old Three") major French commercial banks, along with Banque Nationale de Paris (from 2000 BNP Paribas) and Crédit Lyonnais.
Contents
History
19th century
The bank was founded by a group of industrialists and financiers during the Second Empire on 4 May 1864. Its full name was Société Générale pour favoriser le développement du commerce et de l'industrie en France ("General Company to Support the Development of Commerce and Industry in France"). The bank's first chairman was the prominent industrialist Eugène Schneider, followed by Edward Charles Blount. By 1870, the bank had 47 branches throughout France, including 15 in Paris. It set up a permanent office in London in 1871.
At the beginning, the bank used its own resources almost entirely for both financial and banking operations. In 1871, Société Générale moved into the public French issues market with a national debenture loan launched to cover the war indemnity stipulated in the Treaty of Frankfurt.
The bank was financially involved with some of the businesses created by Paulin Talabot, the railway and canal engineer. Talabot came to have an influential role in the bank.
In 1886, Société Générale was part of the bank consortium (along with the Franco-Egyptian Bank and the Crédit Industriel et Commercial) that financed the construction of the Eiffel Tower.
From 1871 to 1893, France went through a period of economic gloom marked by the failure of several banking establishments. The company continued to grow at a more moderate pace. In 1889, there were 148 banking outlets, demonstrating the group's capacity to withstand unfavourable economic conditions.
Starting in 1894, the bank set up the structures characterising a large, modern credit institution. As well as collecting company and private deposits, its branches started to provide short-term operating credits for industrialists and traders. It also moved into placing shares with the general public, issuing private debenture loans in France and also in Russia. Acquisition of equity stakes became a more secondary activity. The company's excellent financial health allowed it to expand its shareholding structure. In 1895, Société Générale had 14,000 shareholders.
In 1898, Société Générale entered the Belgian market. Because the Société Générale de Belgique predated its French namesake and had a dominant position in the national market, Société Générale agreed to create a bank with a different name, the Société Française de Banque et de Dépôts headquartered in Paris but entirely dedicated to operations in Belgium. The bank had its Brussels office from 1898 in the prestigious Hôtel de Ligne on Rue Royale, and also maintained a branch in Antwerp, at No.72-76 of Meir.
20th century
On 21 December 1911, the illegalist anarchist Bonnot Gang attacked Ernest Caby, a Société Générale courier responsible for transporting daily funds to the rue Ordener agency in Paris. In search of money, Raymond Callemin and Octave Garnier shot him down, stole the money he was carrying, and then fled with Jules Bonnot in a stolen luxury car. This attack, known as the Ordener attack, was the gang's first robbery and the first motorized bank heist in history.By 1913, Société Générale had 122,000 shareholders. The war years were difficult and had serious consequences with the loss of Russian business. However, during the 1920s Société Générale became France's leading bank: its network had grown sharply since the 1890s, with a huge number of branches and seasonal offices allowing in-depth penetration of the provincial market (260 seasonal offices in 1910 and 864 in 1930).
The number of sales outlets rose from 1,005 in 1913 to 1,457 in 1933 (including those operated by the minority-held Société Générale Alsacienne de Banque).
Thanks also to the dynamism of supervisory and management staff at head office and in the branch offices it moved ahead of Crédit Lyonnais (in terms of deposits collected and loans distributed) between 1921 and 1928. To satisfy the requirements of investing companies, Société Générale created a subsidiary, Calif, specialised in medium-term credit in 1928.
On an international level, the bank held an active participation in the Russo-Asian Bank, one of the leading bank of the Russian empire. Société Générale first settled in Russia through the Severnyi bank in 1901, before merging with the Russo-Asian bank in 1910, which held a majority stake in the Chinese Eastern Railway. It also invested in Russian industry including such companies as the Rutchenko Coal Company and the Makeevka Steel Company. Thanks to the connections of Talabot they were also involved in the Krivoi-Rog Iron Company.
The 1930s were another difficult period. Given the decline in international and French business, the bank was forced to nationalise its network by closing down local branches. On the eve of World War II, the number of sales outlets was not much greater than in 1922. However, Société Générale was active in placing numerous public loans launched during this period by the State or the colonies. The war and the German Occupation interrupted its advance, but the bank moved into Africa and the United States.
21st century
In the early years of the 21st century, Société Générale's external growth strategy has been manifested through acquisitions in Central Europe (Komerční Banka in the Czech Republic and SKB Banka in Slovenia) in 2001. Investment banking at Societe Generale in Russia was run by Jacques Der Megreditchian until 2000 At that time, Société Générale became officially concerned with money laundering scandal and underground economy.
In 2001, Société Générale acquired a controlling interest in the TCW Group. The TCW Group, which was founded in 1971, was originally known as Trust Company of the West and is the parent of TCW/Crescent Mezzanine one of the leading mezzanine capital firms in the US. The TCW Group operated as a subsidiary of Société Générale Asset Management until it was sold to Carlyle Group.
Africa is also a major area of interest for the bank, with the 2002 purchase of 44,42 % of Eqdom in Morocco (the market leader in consumer lending) and Union Internationale de Banques in Tunisia. In addition, 51 percent of SSB Bank in Ghana in 2003 and 50 percent of Geniki Bank in Greece in 2004 were acquired . In terms of specialized financial services, a department created in mid-2001, the purchase of two Deutsche Bank subsidiaries, ALD Automotive for multi-brand auto leasing and financing and GEFA for corporate sales financing enabled Société Générale to increase its European presence in these sectors. In 2002, it continued to pursue its external growth strategy by purchasing Hertz Lease, a European subsidiary specializing in long-term leasing and fleet management for Ford Motor Company vehicles.
With a track record as leader in France for financial savings products (mutual funds, investment funds, company savings plans), the Group has developed its Asset Management and Private Banking activities: in 1999, its subsidiary, Société Générale Asset Management, pursued the strategy of developing both its mutual fund management business in France and its activities aimed at major institutional investors at an international level. With the launch of Société Générale AM UK in London and the acquisition of Yamaichi in Japan, Société Générale Asset Management has taken a decisive step in establishing its international presence and is now able to offer its customers truly global fund management capabilities. Société Générale also has a worldwide presence in private banking activities. After pursuing a deliberate policy of acquisitions in 1998, Société Générale Private Banking consolidated and developed its franchise in 1999 against a backdrop of intense competition.
Operations
Société Générale is a universal bank. The Group consists of three main pillars backed by two business lines. Société Générale is often nicknamed SocGen (pronounced "sock jenn") in the international financial world.
Commercial activity
In 2013, Société Générale announced the implementation of a model based on three pillars:
Retail Banking in France (Société Générale, Crédit du Nord and Boursorama)
International Banking and Financial Services (IBFS)
Corporate and Investment Banking (SG CIB), with investment banking and fixed income, structured financing, debt and forex activities on the one side, and equity and consulting activities on the other.
The development of these three pillars is backed by two other core activities, namely:
Specialised Financial Services & Insurance
Private Banking, Global Investment Management & Services
Subsidiaries
BRD – Groupe Société Générale (Romania)
Komerční banka (Czech Republic)
Fiditalia (Italy)
Banque Deutsches Kraftfahrzeughandel (Germany)
Société Générale de Banque au Liban (Lebanon)
Societe Generale Ghana
Société générale Algérie
Société générale Côte d'Ivoire
Société générale Sénégal
Union internationale de banques
Corporate affairs
Société Générale's head office is in the Tours Société Générale in the business district of La Défense in the city of Nanterre, west of Paris. The company moved there in June 1995 from its former head office along Boulevard Haussmann in the 9th arrondissement of Paris. The head office has 7,000 employees. The former head office remains as the company's registered office.
In 2015, Standard Ethics Aei has given a rating to Société Générale in order to include it in its Standard Ethics French Index.
Sponsorship
The Group has a long-term active and generally very discreet support policy. Its sponsorship of rugby is well-known, but its support in other fields such as music, contemporary art, disabled sport (as an official partner of the Fédération Française Handisport, the French Federation for Disabled Sports) and corporate citizenship, professional integration and disadvantaged children, is less known.
Leadership
Eugène Schneider, chairman 1864–1869
Guillaume Denière, chairman 1869–1886
Edward-Charles Blount, chairman 1886–1901
Jean Hély d'Oissel, chairman 1902–1915
André Homberg, chairman 1922–1932
Joseph Simon, chairman 1932–1940
Henri Ardant, CEO 1934-1944 and chairman 1941–1944
Pierre de Moüy, chairman 1944–1958
Maurice Lorain, CEO 1944-1958 and chairman 1958–1967
Jacques Ferronnière, CEO 1958-1967 and chairman 1967–1972
Maurice Lauré, CEO 1967-1982 and chairman 1973–1982
Jacques Mayoux, chairman & CEO 1982–1986
Marc Viénot, chairman & CEO 1986–1997
Daniel Bouton, chairman 1997-2009 and CEO 1997–2008
Frédéric Oudéa, chairman 2009-2015 and CEO 2008–2023
Lorenzo Bini Smaghi, chairman since 2015
Slawomir Krupa, CEO 2023-
Controversies
Senegal
In the early 1990s, the Senegalese subsidiary of Société Générale teamed up with the Swiss processed-foods manufacturer Nestlé to illegally dispossess the real estate assets of the Industrial Company of Dairy Products (SIPL), thus leading the dairy company to bankruptcy.
January 2008 trading loss and Kerviel trial
On 24 January 2008 the bank announced that a single futures trader at the bank had fraudulently lost the bank €4.9 billion (an equivalent of US$7.2 billion), the largest such loss in history. The company did not name the trader, but other sources identified him as Jérôme Kerviel, a relatively junior futures trader who allegedly orchestrated a series of bogus transactions that spiraled out of control amid turbulent markets in 2007 and early 2008.
Partly due to the loss, that same day two credit rating agencies reduced the bank's long term debt ratings: from AA to AA− by Fitch; and from Aa1/B to Aa2/B− by Moody's (B and B− indicate the bank's financial strength ratings).
Executives said the trader acted alone and that he may not have benefited directly from the fraudulent deals. The bank announced it will be immediately seeking €5.5 billion in financing. On the eve and afternoon of 25 January 2008, Police raided the Paris headquarters of Société Générale and Kerviel's apartment in the western suburb of Neuilly, to seize his computer files. French presidential aide Raymond Soubie stated that Kerviel dealt with $73.3 billion (more than the bank's market capitalization of $52.6 billion). Three union officials of Société Générale employees said Kerviel had family problems. On 26 January 2008 the Paris prosecutors' office stated that Jerome Kerviel, 31, in Paris, "is not on the run. He will be questioned at the appropriate time, as soon as the police have analysed documents provided by Société Générale." Spiegel Online stated that Kerviel may have lost 2.8 billion dollars on 140,000 contracts earlier negotiated due to DAX falling 600 points.
Société Générale SA says it had a net loss in the fourth quarter of 2007 after the French bank took a €4.9 billion ($7.18 billion) hit closing the unauthorized trading positions of Jérôme Kerviel.
The trial of Jérôme Kerviel began on 8 June 2010 at the Paris Palais de Justice, and lasted until 25 June. Société Générale filed the civil suit. The former Société Générale trader was represented by Olivier Metzner, and the Bank was represented by Jean Veil, Jean Reinhart and François Martineau.
The trial aroused much media interest, with a record number of requests for accreditation from journalists.
March 2008: Missing consignment of gold by Goldaş
On 21 March 2008 Société Générale filed suit in Istanbul Commercial Court against Goldaş, a Turkish Jewelry firm, claiming the company had not paid for 15 tonnes(15,000 kg) of gold it had received through a consignment agreement. Goldaş stated that the consignment agreement was only for 3,250 kg of gold with a value of US$94 million. In June 2008, the court found Goldaş not guilty.
March 2009: Potential loss of $11 billion averted due to US government bailout of AIG
On 15 March 2009 AIG disclosed that, among its counterparties, Société Générale was to date the largest recipient of both credit default swap (CDS) collateral postings ($4.1 bn) and CDS payments ($6.9 bn), payments made possible in part by the 2008 U.S. government bailout of AIG.
Clearstream
French reporter Denis Robert and former No. 3 of Cedel Ernest Backes, a whistleblower of Clearstream have accused Société Générale of having non-published accounts in Clearstream, which was at the centre of a financial scandal in 2009.
Check processing fees
In 2010 the French government's Autorité de la concurrence (the department in charge of regulating competition) fined eleven banks, including Société Générale, the sum of 384,900,000 Euros for colluding to charge unjustified fees on check processing, especially for extra fees charged during the transition from paper check transfer to "Exchanges Check-Image" electronic transfer.
LIBOR
In December 2013, the European Commission fined the bank close to €446 million for its role in the LIBOR scandal regarding interest rate derivatives.In April 2016, the fine was reduced to approximately €228 million.
US mortgage-backed securities
In February 2014, Société Générale agreed to pay $122 million to the Fannie Mae and the Freddie Mac for misleading them in the purchase of mortgage-backed securities.
In January 2017, Société Générale agreed to pay $50 million to settle a claim by the American government of fraudulent concealment of residential mortgage-backed securities quality.
Libyan Investment Authority
In March 2014, the Libyan Investment Authority has filed a $1.5 billion lawsuit in London's High Court against Société Générale. The claims against the bank involve derivative transactions that took place from 2007 to 2009, and Société Générale is accused of funneling at least $58 million in bribes to Gaddafi's son Saif al-Islam Gaddafi. The French bank denied those allegations
US municipal bond derivatives
In February 2016, Société Générale paid $26.8 million to settle charges in a case of municipal bond derivatives where the French bank is accused of anticompetitive and fraudulent conduct.
Panama Papers
In March 2016, Société Générale was mentioned in the Panama Papers: It was among the 10 banks that asked for the most offshore shell companies for the account of its clients via the Mossack Fonseca firm. Its headquarters were searched by the French tax police on 5 April 2016, as the bank was linked with the creation of 979 offshore companies. In 2012, CEO Frédéric Oudéa said that Société Générale withdrew from all countries belonging to the grey list of tax havens compiled by the OECD, including Panama. Despite this previous statement, Mr Oudéa defended that those offshore companies were not meant to be used as tax evasion vehicles.
U.S. sanctions
In November 2018, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) announced a $53,966,916.05 settlement with Société Générale S.A. to settle potential civil liability for apparent violations of U.S. sanctions. The settlement resolves OFAC's investigation into Société Générale S.A.'s processing of transactions to or through the United States or U.S. financial institutions in a manner that removed, omitted, obscured, or otherwise failed to include references to OFAC-sanctioned parties in the information sent to U.S. financial institutions that were involved in the transactions.