...Diversified Universal Bank: Societe Generale S.A.'s (SG) ratings reflect the bank's sound company profile, which benefits from franchise strengths across selected products and geographies that result in well-diversified and resilient earnings. SG has a broad retail and corporate banking network across France, several countries in central and eastern Europe (CEE) and Africa, as well as Russia, a leading global equity derivatives franchise and a sound presence in euro-denominated debt capital markets. Asset Quality Weaker than Peers: SG's asset quality remains weaker than peers, despite material improvements since end-2013. Impaired loans represented 5% of gross loans at end- 2017, reflecting higher-risk pockets than Global Trading and Universal Bank (GTUB) peers in SG's domestic retail portfolios and certain international retail markets, as well as slower write- off practices in France aiming to maximise recoveries. Loan impairment charges (LICs) can therefore accrue through time, which...
