Giovanni-Luca Soma: Our economies are experiencing two industrial revolutions

“There are always opportunities for exports – and we are here to help companies succeed in their business,” says Giovanni-Luca Soma, Head of International Retail Banking for Europe at Société Générale (SG).

Can you briefly sum up last year in terms of business and economics? What do you expect from 2022 in this respect?

In 2021, we experienced a very strong rebound in economies all over the world, including the banking sector. Business activity should remain dynamic in 2022. In a changing world, companies will continue to reflect on their economic model, to seize opportunities, to invest. The financing and expertise needs are considerable to carry out the energy transition of companies, and we will support them in this change.

How does SG support French SMEs? Has the covid pandemic affected this support in any way?

Société Générale is always determined to fully play its role as a banker to support its customers, be it SMEs or bigger companies. For example, all the teams were fully mobilized in the distribution of the State Guaranteed Loan (PGE) put in place by the French Government. Also in France, in 2021, to support the long-term rebound of businesses, the bank was offering to its SME and ETI customers the opportunity to benefit from the “revival” Participatory Loans scheme in order to sustainably develop their activity and boost their investments.

What are SG’s priorities and visions today?

Our economies are experiencing two industrial revolutions: the ESG revolution, with the challenges of the energy transition and the climate challenge, and the ever-accelerating emergence of the use of new technologies. This is what our priorities and visions are associated with.

Société Générale works on diverse value-creating projects to prepare for the future. First, it's about the projects that will enable us to adapt our "traditional" activities, and primarily the merger of our two French retail networks, Société Générale and Crédit du Nord. It is also about our ability to leverage very different assets. That is the case of our subsidiary Boursorama, who is clearly the uncontested leader in online banking in France. There is also the acquisition of LeasePlan by ALD (also part of SG), which will create an undisputed world leader in the mobility sector.

What about Komerční banka, who is part of SG since 2001?

Komerční banka, our retail bank in the Czech Republic, is fully aligned with these ambitions. Komerční banka targets carbon neutrality in its own operations by 2026 and is committed to gradually reducing its exposure to the coal sector. As for digital and technological change, KB has a great ability to conduct large-scale transformation programs and has a competitive lead in digital. Thanks to this, the bank aims to accelerate its transformation plan with massive digitalization to meet the needs of its customers. The bank wishes to develop an omnichannel customer experience combined with the development of sales via digital channels.

What are the plans of SG or the French banking market in general regarding the French presidency in the EU?

With the caveat that the Council Presidency carries an obligation of neutrality, we note that the French Presidency of the EU has articulated its priorities in respect of financial services regulation: advancing the transposition of the final Basel 3 package, finalizing the legislation on anti-money laundering and financing of terrorism, making progress on the legislative initiatives regarding digital and cyber issues, advancing sustainable finance legislation, and revising the consumer credit directive. These are all initiatives which we support.

Mr. Soma was interviewed by Jana Jenšíková and Daniel Libertin