Societe Generale Outlines New Share Buyback Programme

Societe Generale announced its plan for a new share buyback programme, pending approval at the Combined General Meeting scheduled for May 22, 2024. The French banking giant aims to repurchase up to 10% of its share capital, based on the shareholder approval outlined in the proposed 22nd resolution.

The shares, as of May 16, 2024, will predominantly benefit the employees and corporate officers, with a small portion allocated for external growth and liquidity agreements. The programme, as detailed, supports various strategic initiatives including employee incentives, corporate actions such as mergers, and maintaining regulatory compliant market liquidity.

The bank caps the share purchase price at EUR 71 per share, translating to a potential total expenditure of EUR 5.7 billion, contingent on market conditions and capital structure at the time of buyback. The authorization for this buyback programme is recommended to last 18 months, expiring on November 22, 2025, ensuring alignment with the bank’s strategic financial management and prudential regulatory requirements.