Société Générale Société anonyme (OTCPK:SCGLY) European Financials Conference 2025 November 21, 2025 4:30 AM EST
Company Participants
Leopoldo Alvear – Chief Financial Officer
Conference Call Participants
Delphine Lee – JPMorgan Chase & Co, Research Division
Gigi Sparling
Stephen Kirk
Presentation
Delphine Lee
JPMorgan Chase & Co, Research Division
All right. Good morning, everyone. Thank you for attending this session. I’m Delphine Lee from the European Bank’s team at JPMorgan. And I have the pleasure to have Leopoldo Alvear today, CFO of SocGen, with us. Thank you, Leo, for coming.
Leopoldo Alvear
Chief Financial Officer
Pleasure is all mine. Thank you very much for having me over.
Question-and-Answer Session
Delphine Lee
JPMorgan Chase & Co, Research Division
Great. So maybe we dive directly to capital and distribution, if you don’t mind.
Leopoldo Alvear
Chief Financial Officer
Okay.
Delphine Lee
JPMorgan Chase & Co, Research Division
So I mean, CET1 is well above your target of 13%, and you’ve just announced another EUR 1 billion share buyback. Now going forward, do you intend to assess the amount of buybacks only once a year with full year results? Or are you keeping a buffer as well for FRTB? And also, with a stronger organic capital generation than in the [Audio Gap] you consider structurally increasing your ordinary payout policy from 50%?
Leopoldo Alvear
Chief Financial Officer
All right. Thank you. So I think we haven’t changed our policy here. So we announced 3 years ago that we wanted to run the bank with 13% CET1. We’ve been able — that was a target basically for 2026. By the end of 2026, we’ve been able to achieve the target well ahead of schedule. But we don’t want to build a buffer on the buffer. In other words, the 13% already incorporates a buffer, a management buffer, which is the one that we announced back in 2023.
