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Société Générale will implement over 10 fee increases starting April 1, with hikes ranging from 1.47% to 60% on account maintenance, card fees, and other services. Notably, account maintenance fees will rise by 6.25%, while the fee for reissuing a card’s PIN will increase by 60%. Conversely, the bank has introduced free instant transfers via its app or website and extended preferential international transaction rates to all customers aged 16 and over. Additionally, SG is participating in a project to install shared ATMs in rural areas, set to begin operating in 2025.
Goldman Sachs and Crédit Agricole have upgraded their forecasts for the Pound against the Dollar, citing a potential rally driven by USD weakness and improving UK growth. As the UK currency acts as a hedge against rising U.S. tariffs, it has recently recovered to 1.2905, exceeding some short-term targets. However, risks remain high as new tariffs could shift market dynamics, potentially benefiting the Dollar.
Indosuez Wealth Management has appointed Stavya Epstein as the head of its tailor-made multi-asset management team. Previously a multi-asset manager within Crédit Agricole's private bank, she will also remain part of the fund selection team of 21 analysts. Epstein aims to develop personalized strategies for large clients, tailored to their specific needs and risk profiles.
BNP Paribas plans to close 500 branches in France by 2030, reducing its network from 1,500 to 1,000 locations, in response to the growing preference for digital banking. This strategic shift aims to align with customer habits while maintaining a physical presence for those who prefer in-person services. The bank assures that employee transitions will be managed internally, with no widespread layoffs expected.
Raiffeisen Bank International is anticipating a short-term correction, as indicated in recent stock analysis. Other companies, including Kion Group and Lufthansa, are also experiencing significant market movements, with predictions of corrections and potential growth scenarios. Notably, Adobe shares have seen a collapse, raising concerns about future trends.
Armenian President Serzh Sargsyan met with Jean-Marie Sander, Chairman of Credit Agricole Group, on September 23 to discuss the bank's role in Armenia's economic development, particularly in agriculture. Sargsyan praised ACBA Credit Agricole's contributions, while Sander emphasized the bank's commitment to enhancing Armenian-French relations and its ongoing support for rural development. Both parties acknowledged the favorable conditions for expanding the bank's activities in Armenia.
BNP Paribas shares have surged 25% since January 1, 2025, reflecting renewed investor confidence in European banks, yet they remain undervalued with a P/TBV of 0.7 and a P/E of 8. Analysts suggest a fair price of around €80, indicating a potential 10% upside. Despite challenges in investment banking, the bank's solid fundamentals, including a 9.3% ROE and a 6.4% dividend, support its growth outlook.
UniCredit's stock has surged 7.4%, reaching a market capitalization of EUR 83 billion, as the bank intensifies its focus on M&A, particularly targeting Banco BPM. Tensions are rising with Credit Agricole, a significant shareholder in BPM, as negotiations stall. UniCredit aims to diversify its fund offerings, reducing reliance on Amundi, with a capital increase planned for late March ahead of a potential takeover bid.
Access to the page has been denied, preventing further insights into Credit Agricole's performance and its relationship with rate sensitivity. The implications of this situation remain unclear without additional information.
Crédit Agricole CIB has appointed Christophe Crétot as the new head of international trade and transaction banking for the Asia Pacific region, effective March 10. Based in Singapore, he will manage export, commodity, trade, receivables, supply chain finance, and cash management, reporting to senior regional officer Jean-François Deroche and global head Yves-Marie Gayet.Crétot, who has 25 years of experience with the bank, previously led corporate and leveraged finance for Asia Pacific. He succeeds Laurent Proutière, who will become Asia CEO for Indosuez Wealth Management.
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