The ratings of Société Générale reflect the group’s strong and well managed retail banking franchises in France and Central & Eastern Europe. Mindful of challenges facing the retail banking industry, management is taking further action to become more efficient and to improve the client experience. As well, the group’s diversified universal banking business model contributes to earnings resilience although there is room for profitability to improve.

Meaningful capital markets activities and pockets of emerging markets presence expose the group to greater risks such as the volatility inherent in these markets and the need to ensure consistent compliance and controls across diverse geographies. The ratings also recognize the significant efforts the group has undertaken to reduce risks and to bolster prudential metrics relating to capital and liquidity.

Download the full rating report here.