The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Delphine Lee - JPMorgan Chase & Co, Research Division - Analyst
: So just so I have a very few small questions. One on the French Retail, again, sorry. Just wanted to understand two things. Like one on the sensitivity,
why is it now a bit lower to 10 bps versus what you disclosed before? And secondly, also on your deposit assumption of growth of 2% to 3% for
individuals. Can you just explain what you're seeing this is driven by? I mean the trend so far has been -- have been a bit more difficult than that.
And then my second question is on the payout for this year. Is the intention still to have a bit of buyback and do you care about the actual [DPS]
level? I'm just trying to get a better understanding of what that mix would look like? And also if it would be 40% or how you look at this, given that
your profits are a bit lower this year?
Question: Kirishanthan Vijayarajah - HSBC, Research Division - Analyst
: Yes. Just 1 question left on my side, mainly for Slawomir, I guess. So look, when you look at the ALD share price, unfortunately, only seems to move
in 1 direction at the moment. But at what point do you say, look, enough is enough and think about delisting ALD and taking it private again?
Clearly, you think it's a great business, but the market doesn't really agree. And of course, as you show in your own numbers, ALD is accretive to
your SocGen group's ROE. So why not think about increasing your exposure to that, particularly as you can pick up the minorities now at a chunky
discount to book value? So just your thoughts on that, please Slawomir.
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