Societe Generale reduces share capital by canceling repurchased shares

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Societe Generale reduces share capital by canceling repurchased shares
Credit: © Reuters.

Societe Generale (OTC: SCGLY ), one of Europe's leading banks, has completed a reduction of its share capital. The move, enacted today, follows the authorization given by the bank's Extraordinary General Meeting on May 17, 2022. The Board of Directors' decision to decrease the share capital was made during a meeting on November 2, 2023.

The reduction strategy involved canceling a number of shares that were repurchased between August 7 and September 22, 2023, as part of the bank's shareholder return policy. With this action, Societe Generale's share capital now stands at €1,003,724,927.50 (EUR1 = USD1.0837), split into 802,979,942 shares with a nominal value of €1.25 each.

Societe Generale operates in over 60 countries and employs a workforce of 117,000 people. It serves 25 million clients through its three main business segments: French Retail, Private Banking and Insurance; Global Banking and Investor Solutions; and International Retail, Mobility & Leasing Services. The bank is also recognized for its commitment to environmental transition and sustainability, which has led to its inclusion in several socially responsible investment indices.

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