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67-614: The towers were built and opened in 1995 to become the head office of the Société Générale , one of France's largest banking groups. Before the twin towers were constructed, Société Générale's headquarters were located in Paris . The roof and structural height of both towers is at 167 m (548 ft) above ground. The roofs of the towers are sharply inclined. The towers were the tallest skyscrapers built in La Défense since

134-758: 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

201-654: 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,

268-472: 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

335-760: 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

402-520: A dual activity, as managers of its vast forest lands and as a bank, supplementing De Nederlandsche Bank (est. 1814) which was active in the northern part of the kingdom. Its first banknotes were issued on 3 March 1823. It also acted as fiscal agent of the royal government, for which it developed a network of branches throughout the Southern Netherlands (including Luxembourg and Diekirch ). Its branch in Antwerp , established in 1823,

469-635: A historical accident of the breakup of the Habsburg Empire . Although William I of the Netherlands refused initially on the grounds of the added expense involved in maintaining his own army, Castlereagh persuaded him by asking him if he preferred to be Prince of Orange or King of the Netherlands, adding that from a practical point of view the Belgian Ducal Estates amounted to a third of the country. William subsequently founded

536-611: A major congolomerate of industrial and financial institutions active in Belgium and the Belgian Congo . The bank pioneered investments in non-listed equity. The Société Générale went through multiple restructurings throughout the 20th century. In 1988, the Paris -based Suez Company took over the Société Générale through a competitive takeover bid. In 2003, Suez brought the Société Générale to an end by merging it with Tractebel, another of its subsidiaries. As part of

603-548: 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

670-452: 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

737-632: 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

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804-415: 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

871-631: 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

938-494: 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

1005-525: 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

1072-649: 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

1139-547: The Algemeene Nederlandsche Maatschappij in 1822 in part to administer these large estates, while proclaiming the goal of increasing the welfare of the country. Upon contributing 28,108 hectares of forst land, the king was the single largest shareholder of the Algemeene Nederlandsche Maatschappij at its founding, the rest being subscribed by public and charitable institutions, other companies, and individuals. During its early years it had

1206-513: The Banque d'Outremer and thus became a major participant in the economy of the Belgian Congo . Throughout the 1920s, its affiliated banks took over many formerly independent local banks throughout Belgium. By end-1930, it represented 32.9 percent of the aggregate liabilities and 31.0 percent of the aggregate capital of the entire Belgian banking system, and was a similarly dominant investor in large mining, infrastructure, and industrial companies. In

1273-460: 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

1340-600: The Belgian colonial empire . The Société Générale was originally founded as an investment bank called the Société Générale des Pays-Bas pour favoriser l'industrie nationale or Algemeene Nederlandsche Maatschappij ter Begunstiging van de Volksvlijt ( lit.   ' General Netherlands Society for Advantage to the National Industry ' ) by William I of the Netherlands in 1822 when Belgium

1407-628: 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

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1474-658: 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

1541-478: 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

1608-659: The Tour Total in 1985. It was one of the first buildings in France to receive the High Quality Environmental standard label. The northern tower is named tour Alicante and the southern one tour Chassagne . In its interior design, Chassagne is decorated with white stone from the village of Chassagne in Auvergne , whereas Alicante is decorated with red marble from Alicante in Spain. Both towers share

1675-509: The 1930s, the Société Générale in turn absorbed all its local Belgian banking affiliates with the only exception of the Banque d'Anvers , then spun off the Générale de Banque as mandated by new Belgian legislation in 1935 while keeping controlling ownership of it. By end-1939, the Société Générale's share of the Belgian banking sector's total assets had further risen to 32.6 percent. By

1742-412: 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

1809-511: 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

1876-605: The Générale de Banque's new head office downhill was reconstructed in several phases in brutalist style . The new SGB building displayed a long, symmetrical façade with a main entrance at 20, rue Royale. Following the respective mergers of the SGB into Suez-Lyonnaise and of the Générale de Banque into Fortis Group in 1999, the building was taken over by Fortis and used as its Belgian headquarters, then after 2008 by BNP Paribas Fortis . The following companies were once majority owned by

1943-651: The Hôtel Wellington following a sojourn by Arthur Wellesley, 1st Duke of Wellington in June 1815, just before the Battle of Waterloo . The SGB subsequently expanded to other adjacent structures. After the Rue Ravenstein / Ravensteinstraat was created in 1911–1913 as part of the construction of Brussels' North–South connection , the SGB's premises were expanded southward with a Beaux-Arts wing bordering

2010-912: 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

2077-670: The SGB and Société Générale de Banque decided to demolish and rebuild the entire block, including the Petit Béguinage on the corner of the Rue Royale and the Rue Montagne du Parc, also designed by Barnabé Guimard in the late 18th century, which was razed in 1968. The new structures fronting the Rue Royale, designed by Pierre Guillissen  [ fr ] and Hugo Van Kuyck  [ nl ] in neoclassical style reminiscent of Guimard, were completed in 1972, while

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2144-564: The SGB's equity as part of its effort to secure majority control of Tractebel , while Fortis Group acquired the Générale de Banque , thus completing the separation of the bank from its parent entity initiated in 1934. By August 1998, Tractebel and Fortis together represented over 90 percent of the value of the SGB's holdings, the rest being mainly a controlling stake in Union Minière and minority stakes in SAGEM and ARBED . The SGB itself

2211-485: 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

2278-649: 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

2345-520: 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

2412-442: 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

2479-471: The country by creating a monetary issue department within itself. It remained secretly in contact with the National Bank in exile, however, and effectively acted on behalf of the latter; so that when Belgium recovered its sovereignty, the National Bank took over all liabilities and assets of the Société Générale's issue department, which was subsequently closed. In 1928, the Société Générale absorbed

2546-416: 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

2613-594: 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

2680-513: 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,

2747-560: 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

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2814-600: 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. Soci%C3%A9t%C3%A9 G%C3%A9n%C3%A9rale de Belgique The Société Générale de Belgique ( Dutch : Generale Maatschappij van België , lit.   ' General Company of Belgium ' ; often referred to in Belgium simply as "Société Générale" or SGB)

2881-421: 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

2948-469: The immediate circle of the Board. By 1914, the Société Générale was by far the largest bank in Belgium, operating in conjunction with 18 affiliated banks in the country which it practically controlled. Under the harsh German occupation of Belgium during World War I , as the National Bank of Belgium had moved its operations and reserves to London , the Société Générale became formally the central bank for

3015-498: 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

3082-570: 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

3149-613: 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

3216-453: 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

3283-538: The mid-1960, Time reported that the SGB still had control of "a fourth of Belgium's industry and half of the Congo's". In 1988, Suez secured control of the SGB following a hostile takeover contest with Carlo de Benedetti . The SGB was also from the start the largest shareholder of Fortis AG, the Belgian entity of the Fortis Group , with a 20 percent stake as of end-1991. In June 1998, Suez acquired 100 percent of

3350-538: 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

3417-537: The new street all the way to what is now the Rue Baron Horta / Baron Hortastraat , designed by Jacques Van Mansfeld  [ fr ] . Meanwhile, in 1904, the SGB had acquired its first building uphill on the same block, facing the more prestigious Rue Royale/Koningsstraat , which it had rebuilt in 1908. In 1914, under the German occupation of Belgium during World War I , one of these buildings' rooms

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3484-535: 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,

3551-629: The same platform and stand about 40 m (130 ft) apart. Despite the large office space available in the current twin towers, Société Générale needed yet more space and so it launched the construction of a third skyscraper, the 183 m (600 ft) tall Tour Granite , which stands immediately behind the twin towers and was opened in 2008. 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] ),

3618-533: The terms of the Treaty of Paris in 1814, the countries of Europe agreed to augment their armed forces from militias to standing armies. Although Belgium had been offered independence by the Prussians, Britain's Lord Castlereagh vetoed it on the grounds that the country was too small to be economically viable, and the question then arose of who should govern it, the Austrians having washed their hands of it as

3685-659: 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

3752-537: Was an investment bank and, subsequently, an industrial and financial conglomerate in Belgium between 1822 and 2003. It has been described as the world's first universal bank . The banking element was split in 1935 and became the Générale de Banque . At its height in the late 19th and early 20th centuries, the Société Générale exercised significant control over large portions of the national economy of Belgium and

3819-531: 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

3886-503: Was converted in 1827 into a fully-fledged subsidiary, the Banque d'Anvers . Because the bank's operations were dominated by the profit-making interests of its private shareholders, it fell short of the aims the king had set for it in terms of fostering economic development. After the Belgian Revolution of 1830, the company took the French name Société Générale de Belgique . It sold off its land holdings at low prices to

3953-658: 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

4020-416: 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,

4087-672: 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,

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4154-466: Was fully integrated into the Suez group in subsequent years and its legal existence ended in 2003, in parallel with divestment of the group's stake in Fortis. Immediately after its creation in 1822, the company acquired for its head office the former Brussels branch ( French : refuge ) of Averbode Abbey , at 3, rue Montagne du Parc / Warandeberg , a neoclassical structure designed by Barnabé Guimard and built in 1779–1781, which had become known as

4221-437: 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

4288-512: 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,

4355-478: 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

4422-403: Was under his rule within the United Kingdom of the Netherlands . After the Belgian Revolution in 1830, it was the new country's dominant financial institution and remained so even after the creation of the National Bank of Belgium in 1850. Its investments in the national economy contributed to the rapid development of the Industrial Revolution in the country and it soon emerged at the head of

4489-400: Was used for the Comité National de Secours et d'Alimentation ("National Relief and Food Committee"). Further properties on the Rue Royale were bought in 1922 and rebuilt in 1928. When the SGB spun off its Belgian bank in 1934, the Banque de la Société Générale de Belgique kept the storied address as 3, rue Montagne du Parc, while the SGB itself relocated to the Rue Royale. In 1966,

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