Europe

Capital increase reserved for employees

The Societe Generale France group is initiating a capital increase reserved for its employees. The transaction will involve the issuance of a maximum of 12.8 million shares. The subscription price is set at 18.47 euros, or 194.12 dirhams. In Morocco, this capital increase concerns the employees of the group’s subsidiaries, namely Athena Courtage, Eqdom, La Marocaine Vie, Société Générale Marocaine des Banques, Sogelease Maroc, SG ATS and SG ABS. The subscription period in Morocco started on May 25 and will end on June 8. Through this operation, the group intends to enable its employees who are members of an international group savings plan to subscribe to special conditions, adapted where necessary to local legal and/or regulatory requirements.

It should be remembered that the French group foresees good growth prospects for this year 2022. It thus intends to confirm the commercial dynamic in all its businesses and expects a resilience of its financial performance in a more uncertain environment. Excluding the contribution to the Single Resolution Fund, the underlying cost/income ratio is expected to be between 66 and 68% in 2022 and to improve beyond that as a result of the cost reduction initiatives announced in 2021.



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