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103-522: 1974: Jean-Louis Bouchard founds the group under the name Europe Computer Systèmes (ECS) in France. 1986: Jean-Louis Bouchard sells his stake in ECS France to Société Générale but buys back all the foreign subsidiaries and merges them with Econocom, an American SMB he had recently taken over. The subsidiaries and group are renamed "Econocom". 1986: Econocom Belgium is listed on the secondary market of

206-700: A Separation Agreement with the UK on 28 January 2020, which is understood to mirror the EEA-relevant parts of the EU-UK Withdrawal Agreement. The withdrawal agreement stipulated a transition period , following the UK's formal withdrawal on 31 January 2020 and ending 31 December 2020, during which both the United Kingdom and the other EEA members remained bound by the existing obligations stemming from international agreements concluded by

309-667: A sovereign state , and according to a report prepared for the Faroes Ministry of Foreign Affairs "under its constitutional status the Faroes cannot become an independent Contracting Party to the EEA Agreement due to the fact that the Faroes are not a state". However, the report went on to suggest that it is possible that the "Kingdom of Denmark in respect of the Faroes" could join the EFTA. The Danish Government has stated that

412-595: A French IT infrastructure funding company. 2009: Opens a nearshore remote service facility in Rabat , Morocco , which employs 300 multilingual staff. October 2010: Société Générale sells ECS: Jean-Louis Bouchard buys back the company he set up over thirty-five years before and merges it with Econocom. 2010: Launches "7 Remote Services", an enterprise solution designed to assist companies in migrating their IT estate to Microsoft ’s latest operating system. 2011: Véronique di Benedetto, former Deputy Managing Director of ECS,

515-758: A New York investment bank that specialized in the health care, technology and communications industries. Cowen was taken over by the Societe Generale Securities Corporation, the French bank's New York investment bank, and renamed the SG Cowen Securities Corporation. Joseph M. Cohen, Cowen's chief executive became its chairman, and Curtis R. Welling, an investment banker from Societe Generale's New York office became president and chief executive. In 1998, Société Générale set up Retail Banking outside France as

618-654: A backdrop of tougher competition. During the 1st quarter 2004, the third branch of activity of the Société Générale Group, GIMS Global Investment Management and Services was created. In February 2004, Société Générale set up a new division named SG GSSI, Global Securities Services for Investors, which provides investor services on securities and derivatives, attached to the GIMS which regroups SG Asset Management, SG Private Banking and SG Global Securities Services for Investors. GIMS employed 7,600 people. In 2005,

721-654: A counterpart, these countries have to adopt part of the Law of the European Union . However they also contribute to and influence the formation of new EEA relevant policies and legislation at an early stage as part of a formal decision-shaping process. Agriculture and fisheries are not covered by the EEA. Not being bound by the Common Fisheries Policy is perceived as very important by Norway and Iceland, and

824-598: A customs union. Schengen is not a part of the EEA Agreement. However, all of the four EFTA States participate in Schengen and Dublin through bilateral agreements. They all apply the provisions of the relevant Acquis. The EEA Agreement is a commercial treaty and differs from the EU Treaties in certain key respects. According to Article 1 its purpose is to "promote a continuous and balanced strengthening of trade and economic relation". The EFTA members do not participate in

927-472: A department created in mid-2001 , the purchase of two Deutsche Bank subsidiaries, ALD Automotive for multi-brand auto leasing and financing and GEFA for corporate sales financing enabled Société Générale to increase its European presence in these sectors. In 2002, it continued to pursue its external growth strategy by purchasing Hertz Lease, a European subsidiary specializing in long-term leasing and fleet management for Ford Motor Company vehicles. With

1030-760: A dominant position in the national market, Société Générale agreed to create a bank with a different name, the Société Française de Banque et de Dépôts headquartered in Paris but entirely dedicated to operations in Belgium. The bank had its Brussels office from 1898 in the prestigious Hôtel de Ligne  [ fr ] on Rue Royale , and also maintained a branch in Antwerp , at No.72-76 of Meir . By 1913, Société Générale had 122,000 shareholders. The war years were difficult and had serious consequences with

1133-561: A major reason not to join the EU. The Common Fisheries Policy would mean giving away fishing quotas in their waters. The EEA countries that are not part of the EU do not contribute financially to Union objectives to the same extent as do its members, although they contribute to the EEA Grants scheme to "reduce social and economic disparities in the EEA". Additionally, some choose to take part in EU programmes such as Trans-European Networks and

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1236-537: A more feasible mechanism to integrate the microstates into the internal market. The United Kingdom, in a 2016 referendum , voted to withdraw from the European Union . Staying in the EEA, possibly eventually as an EFTA member, was an option suggested by the then Environment Secretary , Michael Gove . A 2013 research paper presented to the Parliament of the United Kingdom proposed a number of alternatives to EU membership which would continue to allow it access to

1339-548: A period of economic gloom marked by the failure of several banking establishments. The company continued to grow at a more moderate pace. In 1889, there were 148 banking outlets, demonstrating the group's capacity to withstand unfavourable economic conditions. Starting in 1894, the bank set up the structures characterising a large, modern credit institution. As well as collecting company and private deposits, its branches started to provide short-term operating credits for industrialists and traders. It also moved into placing shares with

1442-452: A range of clearing and execution services on listed or OTC derivatives and cash products. In 2005, Fimat completed the acquisition of Cube Financial. In January 2008, it merged with Calyon Financial to form Newedge ; in 2014, SG purchased Credit Agricole's stake. In subsequent years, the Société Générale Group has focused on developing its activities around three core businesses through a combination of organic growth and acquisitions. In

1545-651: A retraction and its apologies but, despite that, the rumour gathered pace, notably on social networks, resulting in a spectacular fall in Société Générale's share price and in bearish speculation. Société Générale successfully filed a suit in the UK against Associated Newspapers (the Mail on Sunday' s parent company) for "substantial damage to its reputation and prejudice to its trade". Bearish pressure, influenced by speculation but also by investor suspicion, continued to affect Société Générale's share price through to

1648-415: A selective basis, in the different international financial centres. On 29 July 1987 Société Générale was privatised. It had been chosen from among the three leading French commercial banks nationalised in 1945 for its excellent risk-coverage, equity and productivity ratios. George Soros was a share-holder in 1988. In 1986, Société Générale created Fimat International Banque S.A., a global brokerage, offering

1751-631: A separate division, underscoring the Group's resolve to make this business one of its strategic development axes. This activity was also strengthened in 1999 through the acquisitions made in Romania (BRD – Groupe Société Générale), Bulgaria ( Société Générale Expresbank ) and Madagascar . In the early years of the 21st century, Société Générale's external growth strategy has been manifested through acquisitions in Central Europe ( Komerční Banka in

1854-741: A stake in Centix, a Belgian company specialising in cloud computing solutions. 2012: Acquires Tactem, a provider of telecom expense management solutions. 2012: Acquires France Systèmes, France's leading Apple reseller in the education and research sector, and enhances its IT security offering by buying Cap Synergy , a French systems integrator specialising in network and IT system security. 2013: Econocom buys out French systems integrator Exaprobe, thus expanding its security, network and communications division, now worth €30 million in revenue. 2013: Econocom announces its new strategic plan MUTATION 2013 – 2017 2013: On 12 September 2013, Econocom finalises

1957-441: A track record as leader in France for financial savings products (mutual funds, investment funds, company savings plans), the Group has developed its Asset Management and Private Banking activities: in 1999, its subsidiary, Société Générale Asset Management , pursued the strategy of developing both its mutual fund management business in France and its activities aimed at major institutional investors at an international level. With

2060-525: Is a French multinational universal bank and financial services company founded in 1864. It is registered in downtown Paris and headquartered nearby in La Défense . Société Générale is France's third largest bank by total assets after BNP Paribas and Crédit Agricole . It is also the sixth largest bank in Europe and the world's eighteenth. It is considered to be a systemically important bank by

2163-485: Is appointed Deputy Managing Director of the new group and managing director of Econocom France. A graduate of ESCP who began her career as an Account Manager at IBM, Véronique joins the management board, chaired by Jean-Louis Bouchard, along with Jean-Phillippe Roesch and Bruno Lemaistre. 2012: Econocom continues its expansion in the virtualisation sector by acquiring Ermestel, a pioneer in the Spanish market, and acquiring

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2266-648: Is considered a potential candidate by the European Union. In mid-2005, representatives of the Faroe Islands hinted at the possibility of their territory joining the EFTA. However, the ability of the Faroes to join is uncertain because, according to Article 56 of the EFTA Convention, only states may become members of the Association. The Faroes, which form part of the Danish Realm , is not

2369-808: Is open to member states either of the EU or of the EFTA. EFTA states that are party to the EEA Agreement participate in the EU's internal market without being members of the EU or the European Union Customs Union . They adopt most EU legislation concerning the single market, with notable exclusions including laws regarding the Common Agricultural Policy and Common Fisheries Policy. The EEA's "decision-shaping" processes enable EEA EFTA member states to influence and contribute to new EEA policy and legislation from an early stage. Third country goods are excluded for these states on rules of origin. When entering into force in 1994,

2472-649: Is set to retire in 2021 and leave his place by the end of this year. Additionally, Philippe Heim, who serves as the head of international retail banking, financial services, and insurance, will also vacate his position as deputy chief executive immediately. In December 2013, the European Commission fined the bank close to 446 million Euro for its role in the LIBOR scandal regarding interest rate derivatives. In December 2021, Amundi finalized its acquisition of Lyxor Asset Management from Société Générale. Lyxor

2575-492: The 2013 enlargement of the EU , which saw Croatia acceding to the EU on 1 July 2013, an EEA Enlargement Agreement was not signed. Croatia signed its Treaty of Accession to the EU on 9 December 2011 and subsequently lodged their application to the EEA on 13 September 2012. Negotiations started on 15 March 2013 in Brussels, with the aim of achieving simultaneous accession to both the EU and the EEA on 1 July 2013. However, this

2678-460: The Bastille Day holiday, a meticulously planned robbery was carried out against Société Générale's most heavily fortified vault in France by ex-paratrooper and wedding photographer Albert Spaggiari . The robbery which involved secretly tunneling underground and compromising the walls of the bank vault netted Spaggiari over 12 million in cash, jewellery, and bullion. From the beginning of

2781-771: The Brussels stock exchange . 1993: Acquires Asystel Belgium, making Econocom Distribution the leading IT distributor in the Benelux . 1996: Econocom is listed on the primary market of the Brussels stock exchange . 2000: Econocom is listed on the secondary market of the Paris stock exchange. The group diversifies by setting up Econocom Telecom. 2000: Exchange offer for Infopoint. 2001: The group employs 2000 people. 2002: Acquires Comdisco-Promodata in France (administrative and financial IT asset management). 2004: Acquires Signal Service France. 2005: The group concentrates its business in 5 European countries: Belgium, France,

2884-598: The Common Agricultural Policy or the Common Fisheries Policy . The right to free movement of persons between EEA member states and the relevant provisions on safeguard measures are identical to those applying between members of the EU. The right and rules applicable in all EEA member states, including those which are not members of the EU, are specified in Directive 2004/38/EC and in the EEA Agreement. The EEA Agreement specifies that membership

2987-816: The Council of the European Union (Opinion 1/91) that they considered that giving the EEA court jurisdiction with respect to EU law that would be part of the EEA law, would be a violation of the treaties, and therefore the current arrangement was developed instead. After having negotiated the Surveillance Authority, the ECJ confirmed its legality in Opinion 1/92. The EFTA Secretariat is headquartered in Geneva , Switzerland. The EFTA Surveillance Authority has its headquarters in Brussels , Belgium (the same location as

3090-628: The Czech Republic and SKB Banka  [ sl ] in Slovenia ) in 2001. Investment banking at Societe Generale in Russia was run by Jacques Der Megreditchian until 2000 At that time, Société Générale became officially concerned with money laundering scandal and underground economy . In 2001, Société Générale acquired a controlling interest in the TCW Group. The TCW Group , which

3193-716: The European Regional Development Fund . Norway also has its own Norway Grants scheme. After the EU/EEA enlargement of 2004, there was a tenfold increase in the financial contribution of the EEA States, in particular Norway , to social and economic cohesion in the Internal Market (€1167 million over five years). The non-EU members of the EEA (Iceland, Liechtenstein and Norway) have agreed to enact legislation similar to that passed in

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3296-492: The European single market , including the freedom to choose residence in any country within this area. The EEA was established on 1 January 1994 upon entry into force of the EEA Agreement. The contracting parties are the EU, its member states, and Iceland, Liechtenstein, and Norway. New members of EFTA would not automatically become party to the EEA Agreement, as each EFTA State decides on its own whether it applies to be party to

3399-658: The Financial Stability Board . It has been designated as a Significant Institution since the entry into force of European Banking Supervision in late 2014, and as a consequence is directly supervised by the European Central Bank . From 1966 to 2003 it was known as one of the Trois Vieilles ("Old Three") major French commercial banks, along with Banque Nationale de Paris (from 2000 BNP Paribas ) and Crédit Lyonnais . The bank

3502-478: The Krivoi-Rog Iron Company . The 1930s were another difficult period. Given the decline in international and French business, the bank was forced to nationalise its network by closing down local branches. On the eve of World War II , the number of sales outlets was not much greater than in 1922. However, Société Générale was active in placing numerous public loans launched during this period by

3605-699: The Netherlands , Spain and Italy. Econocom sells off its Swiss subsidiary and closes its financing operations in the United States. 2006: Branches into telecoms by acquiring Avenir Telecom's business division. 2007: Expands its telecoms division and acquires the Carphone Warehouse France's "Business" division. The group doubles its sales force in Italy by acquiring Tecnolease, an Italian IT leasing company. 2008: Acquires Databail,

3708-428: The internal market because their requirements differed from those of larger countries such as Norway, and suggested that a simplified association would be better suited for them. Espen Barth Eide , Støre's successor, responded to the commission's report in late 2012 by questioning whether the microstates have sufficient administrative capabilities to meet the obligations of EEA membership. However, he stated that Norway

3811-412: The 1980s, against a backdrop of deregulation and technological change, internationalisation of the markets and the emergence of new financial instruments, Société Générale set itself two commercial objectives. It focused increasingly on private customers via its network of branches and by acquiring specialised subsidiaries. It pursued and expanded its activities in the capital markets in France, and then, on

3914-511: The Bank presented its Ambition SG 2015 programme to investors, the aim of this programme being to "deliver growth with lower risk" by 2015, using the lessons learned from the crisis. In 2010, the company saw an upturn in its financial results. Over the first half, the Group recorded net income of €2.15 billion. These good figures were presented shortly after the publication of the results of the stress tests of 91 European banks, results that confirmed

4017-599: The EEA Agreement or not. According to Article 128 of the EEA Agreement, "any European State becoming a member of the Community shall, and the Swiss Confederation or any European State becoming a member of EFTA may, apply to become a party to this Agreement. It shall address its application to the EEA Council." EFTA does not envisage political integration. It does not issue legislation, nor does it establish

4120-621: The EEA Enlargement Agreement was applied on a provisional basis to the 10 acceding countries as from the date of their accession in May 2004 to the EU. On the other hand, following the 2007 enlargement of the EU , which saw Bulgaria and Romania acceding to the EU on 1 January 2007, an EEA Enlargement Agreement was not signed until 25 July 2007 and only provisionally entered into force on 1 August 2007. The agreement did not fully enter into force until 9 November 2011. Prior to

4223-498: The EEA countries. Thus, the EEA countries that are not part of the EU enjoy free trade with the European Union. Also, the 'free movement of persons is one of the core rights guaranteed in the European Economic Area (EEA) [...]. It is perhaps the most important right for individuals, as it gives citizens of the 30 EEA countries the opportunity to live, work, establish business and study in any of these countries'. As

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4326-653: The EEA lacked the EFTA Court or the EFTA Surveillance Authority, as the "EEA court" (which would be composed of five European Court of Justice members and three members from EFTA countries and which would be functionally integrated with the ECJ) and the European Commission were to exercise those roles. However, during the negotiations for the EEA agreement, the European Court of Justice informed

4429-654: The EEA parties were 17 states and two European Communities : the European Community , which was later absorbed into the EU's wider framework, and the now defunct European Coal and Steel Community . Membership has grown to 30 states as of 2020: 27 EU member states , as well as three of the four member states of the EFTA (Iceland, Liechtenstein and Norway). The Agreement is applied provisionally with respect to Croatia —the remaining and most recent EU member state—pending ratification of its accession by all EEA parties. One EFTA member, Switzerland, has not joined

4532-402: The EEA, but has a set of bilateral sectoral agreements with the EU which allow it to participate in the internal market. In the late 1980s, the EFTA member states, led by Sweden, began looking at options to join the then-existing European Economic Community (EEC), the precursor of the European Union (EU). The reasons identified for this are manifold. Many authors cite the economic downturn at

4635-520: The EEC less politically controversial for neutral countries. Meanwhile, Jacques Delors , who was President of the European Commission at the time, did not like the idea of the EEC enlarging with more member states, as he feared that it would impede the ability of the Community to complete internal market reform and establish monetary union. He proposed a European Economic Space (EES) in January 1989, which

4738-574: The EFTA countries to ensure the EEA Agreement is being followed. The EFTA Court performs a similar role to the European Court of Justice 's in that it resolves disputes under the EEA Agreement. While the ECJ and European Commission are respectively responsible for the interpretation and application of the EEA Agreement in the EU (between EU member states and within EU member states), and the EFTA Court and EFTA Surveillance Authority are likewise respectively responsible for interpreting and monitoring

4841-526: The EFTA states within the EEA must implement it in their national law. The EEA Joint Committee consists of the EEA-EFTA States plus the European Commission (representing the EU) and has the function of amending the EEA Agreement to include relevant EU legislation. An EEA Council meets twice yearly to govern the overall relationship between the EEA members. Rather than setting up pan-EEA institutions,

4944-613: The EFTA—Austria, Finland and Sweden—acceded to the European Union, which had superseded the European Community upon the entry into force of the Maastricht Treaty on 1 November 1993. Liechtenstein's participation in the EEA was delayed until 1 May 1995. Any European State becoming a member of the EU shall, or becoming a member of EFTA may, apply to become a Party to the EEA agreement according to article 128 of

5047-689: The EU in the areas of social policy , consumer protection , environment , company law and statistics. These are some of the areas covered by the former European Community (the "first pillar" of the European Union). The non-EU members of the EEA are not represented in Institutions of the European Union such as the European Parliament or European Commission. This situation has been described as "fax democracy", with Norway waiting for their latest legislation to be faxed from

5150-579: The EU's internal market , including continued EEA membership as an EFTA member state, or the Swiss model of a number of bilateral treaties covering the provisions of the single market. The United Kingdom was a co-founder of EFTA in 1960, but ceased to be a member upon joining the European Community. In the first meeting since the Brexit vote, EFTA reacted by saying both that it was open to a United Kingdom return and that it had many issues to work through although

5253-515: The EU, including the EEA Agreement. In January and February 2020, the government of the United Kingdom ruled out a future alignment to the rules of the internal market, effectively ruling out EEA membership after the end of the transition period on 31 December 2020. The EEA relies on the same "four freedoms" underpinning the European single market as does the European Union: the free movement of goods, persons, services, and capital among

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5356-436: The EU. Unlike Liechtenstein, which is a member of the EEA via the EFTA and the Schengen Agreement, relations with these three states are based on a collection of agreements covering specific issues. The report examined four alternatives to the current situation: 1) a Sectoral Approach with separate agreements with each state covering an entire policy area, 2) a comprehensive, multilateral Framework Association Agreement (FAA) with

5459-477: The Econocom Executive Board. 2013: Econocom Group unveils its new visual identity and adopts a new branding system. 2013: In November, successful friendly public offer by Econocom on Osiatis. On 22 November 2013, Econocom finalises the acquisition of the entire share capital of Osiatis. 2014: Georges Croix and Econocom join forces to create Digital Dimension, a cloud and digital solutions provider. 2017: Econocom continues its involvement in EdTech by investing in

5562-431: The European Union. There are nine recognised candidates for membership of the European Union : Turkey (since 1999), North Macedonia (2005), Montenegro (2010), Serbia (2012), Albania (2014), Moldova (2022), Ukraine (2022), Bosnia and Herzegovina (2022) and Georgia (2023). Kosovo (whose independence is not recognised by five EU member states ) formally submitted its application for membership in 2022 and

5665-403: The Faroes cannot become an independent member of the EEA as Denmark is already a party to the EEA Agreement. The Faroes already have an extensive bilateral free trade agreement with Iceland, known as the Hoyvík Agreement . A referendum of 1992 rejected this, and there is a prevalent opinion among EU/EEA countries that Swiss referendums would disrupt the EEA-EU cooperation, like has happened with

5768-458: The Norwegian Government later expressed reservations. In January 2017, Theresa May , then the British prime minister , announced a 12-point plan of negotiating objectives and confirmed that the government of the United Kingdom would not seek continued permanent membership in the single market . The United Kingdom could be allowed by other member states to join the EEA and EFTA but existing EEA members such as Norway would have concerns about taking

5871-452: The Russo-Asian Bank, one of the leading bank of the Russian empire. Société Générale first settled in Russia through the Severnyi bank in 1901, before merging with the Russo-Asian bank in 1910, which held a majority stake in the Chinese Eastern Railway . It also invested in Russian industry including such companies as the Rutchenko Coal Company and the Makeevka Steel Company . Thanks to the connections of Talabot they were also involved in

5974-432: The Société Générale acquired DeltaCredit, the largest mortgage bank in Russia, from The U.S. Russia Investment Fund for $ 100 million. The Société Générale developed its Corporate and Investment Banking businesses under the SG CIB brand name, introduced in 1998, which as of 2014 is subsumed by SG SS. Bolstered by a sound client base and a recognised capacity for innovation borne out by the league tables , Société Générale

6077-466: The State or the colonies. The war and the German Occupation interrupted its advance, but the bank moved into Africa and the United States. Société Générale was nationalised in 1945. It now had a single shareholder: the State. The period from 1945 to 1958 was characterised in France by rapid economic recovery but also a greater disequilibrium in the balance of payments, calling for continued exchange controls and virtually permanent credit control measures. It

6180-399: The Switzerland-EU cooperation. A poll in December 2022 to mark 30 years since the 1992 EEA referendum indicated that 71% would vote for EEA participation if a referendum were held. For common Swiss people, a major difference between EEA and the Swiss agreement, is that EEA includes free movement for services including roaming prices for mobile phones. A members bill about joining EEA in 2022

6283-409: The acquisition of a majority stake in Osiatis, a major infrastructure service provider and related applications specialist. This transaction has resulted in the creation of a major new digital service company, with over 8,000 employees in 20 countries and total revenue of around €2 billion. 2013: in October, Jean-Maurice Fritsch and Bruno Grossi, co-chairmen of the Osiatis Management Board, have joined

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6386-412: The activities of the EEA are regulated by the European Union institutions, as well as the EFTA Surveillance Authority and the EFTA Court . The EFTA Surveillance Authority and the EFTA Court regulate the activities of the EFTA members in respect of their obligations in the European Economic Area (EEA). The EFTA Surveillance Authority performs the European Commission's role as "guardian of the treaties" for

6489-404: The agreement. As of 2020 , the contracting parties to the EEA are three of the four EFTA member states and the 27 EU member states . The newest EU member, Croatia , finished negotiating their accession to the EEA in November 2013, and since 12 April 2014 has provisionally applied the agreement pending its ratification by all EEA member states. Besides the 1992 Treaty, one amending treaty

6592-507: The application of the EEA Agreement among the EEA-EFTA states (between the EEA-EFTA states and within the EEA-EFTA states), disputes between an EU state and an EEA-EFTA state are referred to the EEA Joint Committee rather to either court. Only if the Joint Committee cannot provide a resolution within three months, would the disputing parties jointly submit to the ECJ for a ruling (if the dispute concerns provisions identical to EU law) or to arbitration (in all other cases). The original plan for

6695-415: The bank had 47 branches throughout France, including 15 in Paris. It set up a permanent office in London in 1871. At the beginning, the bank used its own resources almost entirely for both financial and banking operations. In 1871, Société Générale moved into the public French issues market with a national debenture loan launched to cover the war indemnity stipulated in the Treaty of Frankfurt . The bank

6798-419: The beginning of the 1980s, and the subsequent adoption by the EEC of the "Europe 1992 agenda", as a primary reason. Arguing from a liberal intergovernmentalist perspective, these authors argue that large multinational corporations in EFTA countries, especially Sweden, pressed for EEC membership under threat of relocating their production abroad. Other authors point to the end of the Cold War , which made joining

6901-442: The closing of the sale of Rosbank and the Group's Russian insurance subsidiaries to Interros Capital. This transaction results for Société Générale in a net loss of around 3.2 billion euros and has an impact of about -7 basis points on its capital ratio. Société Générale is a universal bank. The Group consists of three main pillars backed by two business lines. Société Générale is often nicknamed SocGen (pronounced "sock jenn") in

7004-418: The commission. As EEA membership is currently only open to EFTA or EU members, the consent of existing EFTA member states is required for the microstates to join the EEA without becoming members of the EU. In 2011, Jonas Gahr Støre , the then Foreign Minister of Norway , which is an EFTA member state, said that EFTA/EEA membership for the microstates was not the appropriate mechanism for their integration into

7107-399: The commission. However, EEA countries are consulted about new EU legislative proposals and participate in shaping legislation at an early stage. The EEA Agreement contains provisions for input from the EEA/EFTA countries at various stages before legislation is adopted, including consent at the EEA Joint Committee . Once approved at the EEA Joint Committee, it is part of the EEA Agreement, and

7210-416: The dynamism of supervisory and management staff at head office and in the branch offices it moved ahead of Crédit Lyonnais (in terms of deposits collected and loans distributed) between 1921 and 1928. To satisfy the requirements of investing companies, Société Générale created a subsidiary, Calif , specialised in medium-term credit in 1928. On an international level, the bank held an active participation in

7313-414: The early 1990s, the Senegalese subsidiary of Société Générale teamed up with the Swiss processed-foods manufacturer Nestlé to illegally dispossess the real estate assets of the Industrial Company of Dairy Products (SIPL), thus leading the dairy company to bankruptcy. Retail Banking was strengthened in 1997 through the acquisition of Crédit du Nord , highlighting the Group's determination to capitalise on

7416-513: The end of 2011. Over the year, the share lost 57.22 percent of its value, the third-worst CAC 40 performance of 2011 (after Veolia and Peugeot). In August 2020, it was reported that Société Générale experienced a €1.26 billion loss during the second fiscal quarter of 2020. It was the bank's weakest quarterly performance since 2008's Kerviel Fraud. As a result of this, Séverin Cabannes, the bank's global banking and investor solutions business head,

7519-634: The end of 2012, the group established itself in the smart solutions market by setting up a research and development programme with Istituto Superiore Mario Boella in Turin , Italy. The group's three areas of business are: Econocom has operations in 20 countries. In 2013, the group's main markets were: Soci%C3%A9t%C3%A9 G%C3%A9n%C3%A9rale Société Générale S.A. ( French: [sɔsjete ʒeneʁal] ), colloquially known in English speaking countries as SocGen ( French: [sɔk ʒɛn] ),

7622-505: The financial solidity of the main four French banks, including Societe Generale. During the summer of 2011, the financial markets, fearing the collapse of the eurozone associated with the European sovereign debt crisis , were severely shaken. European and French bank shares recorded substantial falls. It was within this context that Britain's Mail on Sunday published, on Sunday 7 August, an article in which it announced Société Générale's imminent bankruptcy. The newspaper quickly published

7725-405: The former head office along Boulevard Haussmann in the 9th arrondissement of Paris . The head office has 7,000 employees. The former head office remains as the company's registered office . In 2015, Standard Ethics Aei has given a rating to Société Générale in order to include it in its Standard Ethics French Index. European Economic Area The European Economic Area ( EEA )

7828-504: The functioning of the organisation. However, he suggested that the option of direct membership in the EEA for the microstates, outside both the EFTA and the EU, should be given consideration. On 18 November 2013, the EU Commission concluded that "the participation of the small-sized countries in the EEA is not judged to be a viable option at present due to the political and institutional reasons", and that Association Agreements were

7931-542: The general public, issuing private debenture loans in France and also in Russia. Acquisition of equity stakes became a more secondary activity. The company's excellent financial health allowed it to expand its shareholding structure. In 1895, Société Générale had 14,000 shareholders. In 1898, Société Générale entered the Belgian market. Because the Société Générale de Belgique predated its French namesake and had

8034-566: The headquarters of the European Commission), while the EFTA Court has its headquarters in Luxembourg (the same location as the headquarters of the European Court of Justice). The EEA and Norway Grants are the financial contributions of Iceland, Liechtenstein and Norway to reduce social and economic disparities in Europe. In the period from 2004 to 2009, €1.3 billion of project funding is made available for project funding in

8137-549: The international financial world. Société Générale's three pillars, at the heart of the development of its relationship banking model, are: The development of these three pillars is backed by two other core activities, namely: Société Générale's head office is in the Tours Société Générale in the business district of La Défense in the city of Nanterre , west of Paris. The company moved there in June 1995 from

8240-570: The international network and across-the-board introduction of IT facilities to cope with extension of the customer base and the development of deposit money. In 1971, the appearance of automatic cash machines crowned the success and development of the credit card. In 1973, Société Générale opened its representative office in the Soviet Union . In 1975, Société Générale introduced Agrifan, a food-products trading company to connect French suppliers with foreign food buyers. The following year during

8343-613: The launch of Société Générale AM UK in London and the acquisition of Yamaichi in Japan, Société Générale Asset Management has taken a decisive step in establishing its international presence and is now able to offer its customers truly global fund management capabilities. Société Générale also has a worldwide presence in private banking activities. After pursuing a deliberate policy of acquisitions in 1998, Société Générale Private Banking consolidated and developed its franchise in 1999 against

8446-453: The loss of Russian business. However, during the 1920s Société Générale became France's leading bank: its network had grown sharply since the 1890s, with a huge number of branches and seasonal offices allowing in-depth penetration of the provincial market (260 seasonal offices in 1910 and 864 in 1930). The number of sales outlets rose from 1,005 in 1913 to 1,457 in 1933 (including those operated by Sogenal  [ fr ] ). Thanks also to

8549-538: The multi-nationals. 1966 and 1967 represented a fundamental turning point in banking regulations, the main development being attenuation of the distinction between deposit and investment banking, and creation of the home mortgage market. Société Générale took advantage of this and acquired leading positions in some new financing techniques designed primarily for companies, such as finance leasing , setting up specialised credit subsidiaries for this purpose. The 1970s were characterised by two major developments: expansion of

8652-535: The restructuring of the French banking system. At the same time, Société Générale looked to secure the long-term loyalty of its customers (launch of "one account number for life" and introduction of Jazz, a package of service offers). In 1999 it entered into a merger agreement with rival bank Paribas , but this was scuppered by a competitor, the Banque Nationale de Paris (BNP). In 1998 Société Générale paid $ 540 million in cash to acquire Cowen & Company,

8755-436: The risk of opening a difficult negotiation with the EU that could lead them to lose their current advantages. The Scottish Government has looked into membership of the EFTA to retain access to the EEA. However, other EFTA states have stated that only sovereign states are eligible for membership, so it could only join if it became independent from the United Kingdom. The EEA EFTA States (Norway, Iceland, Liechtenstein) signed

8858-564: The then seven states of the European Free Trade Association (EFTA), the European Community (EC) and its then 12 member states . On 6 December 1992, Switzerland's voters rejected the ratification of the agreement in a constitutionally mandated referendum , effectively freezing the application for EC membership submitted earlier in the year. Switzerland is instead linked to the EU by a series of bilateral agreements . On 1 January 1995, three erstwhile members of

8961-449: The three states, 3) EEA membership, and 4) EU membership. The Commission argued that the sectoral approach did not address the major issues and was still needlessly complicated, while EU membership was dismissed in the near future because "the EU institutions are currently not adapted to the accession of such small-sized countries". The remaining options, EEA membership and an FAA with the states, were found to be viable and were recommended by

9064-701: The venture capital firm Educapital 2017: Econocom and Microsoft are announcing a partnership to distribute Hololens on the European market 2018: Robert Bouchard takes over as CEO of the Econocom Group. 2018: Louise Beveridge joins Econocom as Head of Brand 2018: Econocom strengthens its retail offering by acquiring a majority stake in altabox, a Spanish "leader in the development of omnichannel marketing strategies" 2018: Econocom presents e-vigilante, its new robot for monitoring industrial sites. Econocom currently employs 10,700 people, has 40 years’ experience and 7.0 million digital assets managed. At

9167-659: Was able to take advantage of the flow of business generated by the Marshall Plan . Société Générale continued to expand in France and beyond. It moved into Italy and Mexico and altered the status of its establishments in Africa after decolonisation, in accordance with the laws passed by these newly independent countries. From the mid-1960s, Société Générale gave new impetus to its French network, with an acceleration in growth after 1966 following elimination of prior authorisation for opening branch offices. International expansion

9270-531: Was an investment company based in France, and a wholly owned subsidiary of Société Générale. It offered exchanged-traded index funds and other ETFs , exchanged-traded notes ( ETN ), and several other products to private and corporate investors. In April 2022, Société Générale became the first major financial group to leave Russian market because of International sanctions during the Russo-Ukrainian War . In May 2022, Société Générale announced

9373-604: Was established via the Agreement on the European Economic Area , an international agreement which enables the extension of the European Union 's single market to member states of the European Free Trade Association (EFTA). The EEA links the EU member states and three of the four EFTA states (Iceland, Liechtenstein, and Norway) into an internal market governed by the same basic rules. These rules aim to enable free movement of persons , goods, services, and capital within

9476-658: Was financially involved with some of the businesses created by Paulin Talabot , the railway and canal engineer. Talabot came to have an influential role in the bank. In 1886, Société Générale was part of the bank consortium (along with the Franco-Egyptian Bank and the Crédit Industriel et Commercial ) that financed the construction of the Eiffel Tower . From 1871 to 1893, France went through

9579-538: Was founded by a group of industrialists and financiers during the Second Empire on 4 May 1864. Its full name was Société Générale pour favoriser le développement du commerce et de l'industrie en France ("General Company to Support the Development of Commerce and Industry in France"). The bank's first chairman was the prominent industrialist Eugène Schneider , followed by Edward Charles Blount . By 1870,

9682-983: Was founded in 1971, was originally known as Trust Company of the West and is the parent of TCW/Crescent Mezzanine one of the leading mezzanine capital firms in the US. The TCW Group operated as a subsidiary of Société Générale Asset Management until it was sold to Carlyle Group . Africa is also a major area of interest for the bank, with the 2002 purchase of Eqdom in Morocco (the market leader in consumer lending) and Union Internationale de Banques  [ fr ] in Tunisia . In addition, 51 percent of SSB Bank in Ghana in 2003 and 50 percent of Geniki Bank in Greece in 2004 were acquired . In terms of specialized financial services,

9785-437: Was just as vigorous. It was no longer limited, as before, to the main financial centres (London, New York), neighbouring countries (Belgium, Spain) and the former colonies, with the primary aim of facilitating the business of French firms, but was also aimed at guaranteeing the bank's presence where new markets were developing, either to export the technical expertise it had acquired in certain fields, or to keep up its contact with

9888-494: Was later renamed the European Economic Area, as it is known today. By the time the EEA was established in 1994, however, several developments hampered its credibility. First of all, Switzerland rejected the EEA agreement in a national referendum on 6 December 1992, obstructing full EU-EFTA integration within the EEA. Furthermore, Austria had applied for full EEC membership in 1989, and was followed by Finland, Norway, Sweden, and Switzerland between 1991 and 1992 (Norway's EU accession

9991-630: Was looking to develop its M&A, advisory and IPO activities through the acquisition of specialised firms ( SG Hambros in the United Kingdom, Barr Devlin in the United States). Following two years of crisis resulting from the revelation of the Kerviel fraud and then from the eruption of the global financial crisis , the bank appeared to have put things behind it in 2010. In business terms, Société Générale appeared intent on moving on and implementing an in-depth transformation in 2010. On 15 June,

10094-612: Was mostly rejected by the Federal council (government) considering the present treaties better for Switzerland. In November 2012, after the Council of the European Union had called for an evaluation of the EU's relations with the sovereign European microstates of Andorra, Monaco and San Marino, which they described as "fragmented", the European Commission published a report outlining options for their further integration into

10197-457: Was not achieved. On 20 November 2013, it was announced that an enlargement agreement was reached. The text was initialled on 20 December 2013, and following its signature in April 2014 the agreement is being provisionally applied pending ratification by Croatia, all EEA states, and the European Union. As of November 2024, the agreement has been ratified by 30 out of 31 parties, all except

10300-540: Was not until 1959 that the economy really recovered, but credit controls were reinforced due to persistent inflationary pressures. Sharp growth in production and foreign trade opened up new areas of business for the banks. The industry underwent some quite radical changes, one of the most striking of which was much greater specialisation of credit. The range of banking services on offer expanded uninterruptedly. Thanks to its presence in New York City , Société Générale

10403-532: Was open to the possibility of EFTA membership for the microstates if they decide to submit an application, and that the country had not made a final decision on the matter. Pascal Schafhauser, the Counsellor of the Liechtenstein Mission to the EU, said that Liechtenstein, another EFTA member state, was willing to discuss EEA membership for the microstates provided their joining did not impede

10506-543: Was rejected in a referendum , Switzerland froze its EU application after the EEA agreement was rejected in a referendum ). The fall of the Iron Curtain had made the EU less hesitant to accept these highly developed countries as member states, since that would relieve the pressure on the EU's budget when the former socialist countries of Central Europe were to join. The EEA Agreement was signed in Porto on 2 May 1992 by

10609-479: Was signed, as well as three treaties to allow for accession of new members of the European Union. Notes When a state joins the EU, they do not necessarily immediately become part of the EEA but are obliged to apply. Following the 2004 enlargement of the EU , which saw Cyprus, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia and Slovenia acceding to the EU on 1 May 2004,

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