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Search resuls for: "Societe Generale SA"


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☆ Markets 'overpricing' Indian banks' risk from Adani exposure - Societe Generale
  + stars: | 2023-02-01 | by ( Anshuman Daga | ) www.reuters.com   time to read: +2 min
SINGAPORE, Feb 1 (Reuters) - Markets are "overpricing" the risk to Indian lenders from their exposure to Adani Group, which was targeted last week in a report by short-seller Hindenburg Research, Societe Generale said, adding that a sell-off in banking shares seems overdone. The allegations in the report, which the ports-to-energy conglomerate has denied, triggered a $65 billion rout in the Indian billionaire's stocks. "We think the market is overpricing the related risks, as we calculate the sector's direct exposure to the Adani group at just 0.6%," they added. Assuming no significant change in the debt structure over the past year, SocGen estimated that Indian banks' loan exposure to Adani was close to $10 billion, just 0.6% of total banking sector loans at nearly $1.5 trillion. It said Indian banks were among the "best positioned" to gain from a rebound in capital expenditure and said it expected more "favourable" valuations post the correction.
☆ U.S. Sanctions Russia’s Rosbank, Subsidiaries of VTB
  + stars: | 2022-12-15 | by ( David Smagalla | ) www.wsj.com   time to read: +3 min
The U.S. government has sanctioned Russian lender Rosbank and has expanded sanctions against VTB, one of the country’s largest banks, in a move to further limit the Russian government’s efforts to fund its war in Ukraine. The Treasury Department’s Office of Foreign Assets Control on Thursday announced sanctions against 17 subsidiaries of VTB, building on sanctions placed on the parent company in February, after Russia invaded Ukraine. The Treasury cited the importance of Rosbank to the Russian government, given that the lender is considered a “systemically important credit institution” in the country. The U.S. sanctions follow similar sanctions of Rosbank by the U.K. and Canada earlier this year. Nornickel wasn’t included in the State Department’s sanctions package.
☆ Russian Oligarch Vladimir Potanin, Nornickel Shareholder, Faces U.S. Sanctions
  + stars: | 2022-12-14 | by ( Vivian Salama | ) www.wsj.com   time to read: 1 min
WASHINGTON—The U.S. is moving to impose sanctions on one of Russia’s wealthiest men, Vladimir Potanin , as well as on some of his financial companies, U.S. officials said, as Washington looks for ways to further clamp down on Russia amid the war in Ukraine. The action, which could be announced as early as Thursday, is expected to include sanctions against Mr. Potanin, his wife Ekaterina Potanina and a yacht he owns, these officials said. Also on the list, according to these officials: Interros, an investment holding company Mr. Potanin controls, and Rosbank, which Interros bought from Société Générale SA earlier this year.
☆ Exclusive: Musk's banks to book Twitter loan losses, avoid big hits -sources
  + stars: | 2022-12-14 | by ( Lananh Nguyen Saeed Azhar Shankar Ramakrishnan | Lananh Nguyen | Saeed Azhar | ) www.reuters.com   time to read: +6 min
Banks still have to mark the loan to its market value on their books and set aside funds for losses that are reported in quarterly results. The deliberations of how some of these banks are thinking about accounting for these losses have not been previously reported. Three banking industry sources said the remaining $3 billion, which is unsecured, could lead to steeper losses for the seven Twitter banks. Some market participants expect the losses from the debt to be significant unless market conditions improve. Some $35 billion to $40 billion of such loans are stuck on banks' books, according to two fixed income bankers.
☆ Housing isn't getting any cheaper. But an expensive mortgage is not the only thing making homes so unaffordable.
  + stars: | 2022-11-04 | by ( Phil Rosen | ) www.businessinsider.com   time to read: +6 min
Everyone's talking about how the Fed's rate hikes have sent mortgage rates skyrocketing. But even as mortgage rates have climbed above 7%, my colleague Alcynna Lloyd and I report that there's more to the story. The general gist is that the surge in home prices — fueled by the low rates of the pandemic era — hasn't come down as fast as mortgage rates have come up. There's a saying, "all real estate is local." This self-made millionaire who made his money investing in real estate isn't interested in taking out a mortgage right now.
☆ Société Générale Names New Chief Risk Officer
  + stars: | 2022-11-03 | by ( Mengqi Sun | ) www.wsj.com   time to read: +2 min
Société Générale SA promoted a veteran banker to be its new group chief risk officer, as the French bank continues to navigate geopolitical uncertainties in Europe and a possible economic slowdown. Stéphane Landon, who has been Société Générale’s deputy chief risk officer since October 2020, will become the chief risk officer on Dec. 1, the bank said Thursday. He will succeed Sadia Ricke, who is leaving the bank at the end of this month to become the chief risk officer at Standard Chartered PLC in London. He served as Société Générale Americas’ chief financial officer in New York between 2018 and 2020, before taking the risk-officer position. He previously led the bank’s Americas business and worked on key market functions for Société Générale, including securitization and leveraged finance.
☆ The dollar's blistering rally is almost over as support from US economic outperformance is fading, Societe Generale says
  + stars: | 2022-11-03 | by ( Carla Mozée | ) www.businessinsider.com   time to read: +4 min
The rally in the US dollar this year is likely to be closer to an end and headed toward "trendless trading," Societe Generale said Thursday. The "drivers of economic outperformance are fading" for the greenback, which has risen to a 20-year high against key rivals. "So far, US rates have risen further and faster than elsewhere, on the back of economic out-performance," Kit Juckes, macro strategist at Societe Generale, said in a note. That means we are close to the end of the dollar's long rally and moving to a phase of trendless trading." As the Fed has tightened, climbing US Treasury yields relative to other sovereign bond yields has bolstered dollar demand among holders of other currencies.
☆ China's economy will probably grow less than 3% this year, says economist
  + stars: | 2022-10-21 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's economy will probably grow less than 3% this year, says economistMichelle Lam of Societe Generale says the Shanghai lockdown in the second quarter is a significant reason for slowing growth.
☆ Analysis: Indonesia's defences start crumbling against relentless dollar
  + stars: | 2022-10-17 | by ( Rae Wee Summer Zhen | Rae Wee | Summer Zhen | ) www.reuters.com   time to read: +5 min
"It's a catch-up, or catch-down, kind of effect," said Galvin Chia, an emerging markets strategist at NatWest Markets. "There are some exceptional factors, but none of these would provide that kind of panacea for underlying risks that remain." Indonesia's foreign exchange reserves fell by $1.4 billion last month to $130.8 billion, due to debt payments and Bank Indonesia's efforts to stabilise the rupiah. read moreData for September also showed a surge in Indonesia's inflation to a seven-year high, reflecting a jump in fuel prices. "If you look at consumption, look at credit growth, everything is domestic, unlike the other export markets in Asia.
☆ Societe Generale says two senior executives to leave bank
  + stars: | 2022-09-23 | by ( ) www.reuters.com   time to read: +2 min
Register now for FREE unlimited access to Reuters.com RegisterThe logo of Societe Generale Private Banking is seen at an office building in Zurich, Switzerland March 25, 2022. REUTERS/Arnd WiegmannPARIS, Sept 23 (Reuters) - Societe Generale (SOGN.PA), which is seeking a new chief executive, said on Friday two senior female executives would be stepping down before the end of the year. France's third-biggest listed bank said Chief Risk Officer Sadia Ricke would leave on Nov. 30 and Caroline Guillaumin, the head of human resources and communication, would quit on Dec. 15. Ricke, a SocGen veteran, will become group chief risk officer of Asia and Africa-focused bank Standard Chartered, the London-based bank said in a separate statement. Register now for FREE unlimited access to Reuters.com RegisterRicke joined Societe Generale in 1994 and held a series of senior positions within the corporate and investment banking division before being appointed as chief risk officer last year.
☆ The Fed will have to tighten a lot more aggressively, Societe Generale says
  + stars: | 2022-09-23 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Fed will have to tighten a lot more aggressively, Societe Generale saysKokou Agbo-Bloua, global head of economics, cross asset and quant research at Societe Generale, tells CNBC the Fed will have to tighten a lot more aggressively.
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