MOBILISED FOR YOU INTEGRATED REPORT 2020-2021 - Groupe Société Générale
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MOBILISED FOR YOU INTEGRATED REPORT 2020-2021
OUR PERFORMANCE p. 32
Creating value for our stakeholders
p. 34
Societe Generale group performance
p. 36
French Retail Banking performance
p. 38
International Retail Banking and Financial Services
performance
p. 40
INTRODUCTION
Global Banking and Investor Solutions performance
Editorial by Lorenzo Bini Smaghi and Frédéric Oudéa
p. 42
p. 2
A comprehensive and integrated performance
A partner of those building the world of tomorrow
p. 44
p. 4
A global bank with European roots
p. 6 Societe Generale’s three core businesses enabled the Group
to continue to create value in 2020, despite the impacts
Interview with Frédéric Oudéa
of the public health crisis. Committed to supporting our stakeholders,
p. 8
we have made a real contribution to the economic recovery,
Our corporate purpose in action while maintaining our financial solidity and keeping our cost
p. 10 of risk under control.
OUR KEY STRENGTHS p. 24
Creating the conditions for sustainable commitment
p. 26
OUR STRATEGIC FOCUS p. 12
Digital leadership serving the bank of tomorrow BUILDING A BETTER
The trends shaping the bank of tomorrow p. 28
p. 14 AND SUSTAINABLE FUTURE p. 58
Meaningful dialogue Being a trusted partner of our clients
Economic outlook p. 30
p. 16 p. 60
Our strategic focus
OUR CORPORATE GOVERNANCE p. 46 Supporting our clients build a more sustainable world
p. 18 Societe Generale already knows what the bank of tomorrow p. 62
A Board of Directors to guarantee the strategic vision
will be: an open and effective organisation combining human p. 48
A strategy creating value for French Retail Banking Participating in a fair, ecological and inclusive transition
expertise with digital technology, connected to its ecosystem p. 64
p. 20
and driven by an ambitious strategic vision. Its strengths A new General Management team to prepare our next
A corporate purpose firmly in place across include a clear focus on clients, dedicated members strategic stage Promoting regional development
every business line and in every region of staff working in a motivating environment, a culture p. 50 p. 66
p. 22 of innovation at the core of its DNA, and meaningful
Our ethics ensure the trust of our stakeholders Supporting young people to help them build a sustainable future
dialogue with all stakeholders.
p. 52 p. 68
Societe Generale’s priority in 2021 is to implement A rigorous risk appetite framework Building an inclusive future together
and finalise its strategic plan through to 2025. p. 54 p. 70
Enhancing the customer experience, continuing
to improve our operating model, developing our core Managing extra-financial risks as an opportunity for growth
businesses, and acting in a responsible manner will be p. 56
Building a sustainable future, contributing to positive global change,
at the centre of our everyday professional activity
inspiring confidence in the future...
and our next strategic stage.
Societe Generale demonstrates its commitment through numerous
In line with our corporate purpose, we are committed The Group has a model of value creation for all, that builds initiatives and support for innovative projects. The Group takes
to meeting the needs of our customers and having on expert and committed governance. a collective approach, shared with numerous other stakeholders,
a positive impact on all our stakeholders. The Board of Directors defines the Bank’s strategic focus to have an enhanced impact.
and ensures its correct implementation, in full respect
of a stringent framework of ethics. An indispensable
requirement of being a banker.
“BUILDING, WITH OUR CLIENTS,
A RESPONSIBLE, ECOLOGICAL
AND INCLUSIVE RECOVERY”
“Since 2020,
we have been working
on preparing
the future
of our Group, in favour of greater diversity in the
workplace. The Group’s progress in every
launching new aspect of Corporate Social Responsibility
(CSR) has been recognised by the extra-
structural initiatives financial rating agencies.
to lay the foundations
Since 2020, we have been working
of our next strategic on preparing the future of our Group,
stage through launching new structural initiatives to
lay the foundations of our next strategic
to 2025, focusing on stage through to 2025, focusing on
customer-centricity, customer-centricity, CSR, and operational
efficiency. Accordingly, we announced
corporate social our proactive policy to merge our two
retail banking networks in France,
responsibility, Crédit du Nord and Societe Generale,
and operational as well as a very ambitious development
plan for Boursorama. We presented
efficiency.” the development plans for our Czech
subsidiary KB and for ALD Automotive,
LORENZO BINI SMAGHI, by governments. Thanks to the incredible FRÉDÉRIC OUDÉA,
2020 was an exceptional year, which is already a worldwide leader
CHAIRMAN OF THE BOARD CHIEF EXECUTIVE OFFICER
marked by the unprecedented global commitment of our 133,000 members in the mobility sector.
OF DIRECTORS
health and economic crisis, which of staff around the world, we have risen
continues to impact our daily lives and to these multiple challenges, standing
shoulder to shoulder with our customers
In 2021, we will be working on finalising With the support of the Board of Directors “Despite
our work in 2021. In line with its corporate our strategic initiatives across our other and the new General Management team,
purpose, Societe Generale group has and our partners. business lines, such as Global Banking we will capitalise on our diversified and the uncertainties
shown that it is mobilised, resilient,
We ourselves have suffered the direct
and Investor Solutions, as well as defining now more refocused business model, that remain,
and ready to press ahead with preparing our proactive medium-term roadmaps concentrating on the success of all the
for the future, determined to act impact of this crisis on our financial for innovation and CSR, always listening projects we have launched, which are we are confident
responsibly toward its clients, staff, results, but nevertheless have
demonstrated our financial solidity
to our stakeholders and fully integrating adding meaning and creating long-term and determined
and all its stakeholders. them into our business lines’ strategies. value for all our stakeholders.
and our capacity to bounce back. We were 2021 is another year of action to fight to move forward,
Our primary and ongoing concern has able to react quickly, adapt our businesses
where needed and rigorously manage
the pandemic and its social and economic Despite the uncertainties that remain, knowing we can
been the unconditional need to protect impacts. we are confident and determined to
the health of our staff and our clients, our risks and costs. move forward, knowing we can count count on the strengths
while also preserving our business
In a world of profound changes, often
Now more than ever, our corporate on the strengths of our business model, of our business model,
continuity to ensure the correct purpose will serve as our compass for the confidence of our clients and the
performance of economies. During this accelerated by the Covid crisis, we have meeting these challenges over the short collective commitment of our teams. the confidence
crisis, banks, Societe Generale included, made good progress with the major
challenges of transformation by adapting
and medium term: responding to the many We will play our decisive role in moving of our clients
have demonstrated their essential role in macroeconomic, environmental, and past this crisis as rapidly as possible,
providing everyday services and offering our business lines; strengthening our social issues, and working with our clients while continuing to spearhead positive and the collective
solutions to help customers absorb digital strategy; and, as a leader in the
energy transition, reinforcing our climate
to find responsible, innovative solutions transformations and building a sustainable commitment
the economic shock, in particular to this crisis and to the greener and more and better future.
by rolling out the measures put in place commitments as well as our initiatives inclusive recovery we want to build together. of our teams.”
2 3
A PARTNER OF THOSE CONTINUED RECOGNITION
BY THE RATING AGENCIES
BUILDING THE WORLD Financial ratings(4)
Fitch Ratings: A Moody’s: A1
OF TOMORROW
R&I: A Standard & Poor’s: A
Extra-financial performance
S&P Global CSA (formerly RobecoSAM):
79/100 (1st decile among global banks)
MSCI: AA (Top 14% among global banks)
We are one of Europe’s leading financial services groups and an important player in the economy, Sustainalytics: 25.9/100 (1st quartile among global banks)
and have been for over 150 years. In line with our corporate purpose, which we redefined Vigeo Eiris: A1+ 68/100 (Top 1% among global companies,
in January 2020 as “Building together, with our clients, a better and sustainable future second global bank)
through responsible and innovative financial solutions”, our goal is to provide everyone ISS ESG: C+, 1st decile among global banks
with the resources to make a positive impact on the future. CDP: B (Top 33% among global companies)
Based on a diversified and integrated banking model, Societe Generale combines financial strength and proven expertise in innovation with
a strategy of sustainable growth, aiming to be the trusted partner for our clients, committed to the positive transformation of the world.
An important player in the real economy, Societe Generale employs over 133,000 members of staff(1) in 61 countries and supports on a daily basis
30 million individual customers, businesses and institutional investors(2) around the world. The Group’s three core businesses offer a wide range
of advisory services and tailored financial solutions to secure transactions, protect and manage assets and savings, help clients finance
their projects, protect them in their day-to-day lives and professional activities, and offer the innovative services and solutions they require. FOUR VALUES IN THE SERVICE A BANK COMMITTED
OF OUR CLIENTS TO SUSTAINABLE FINANCE
A YEAR OF RESILIENCE
AND UNPRECEDENTED ACTION
THREE COMPLEMENTARY
CORE BUSINESSES
€120bn
allocated to supporting
TEAM SPIRIT RESPONSIBILITY the energy transition
In a changing world, we support Our responsibility and our corporate between 2019 and 2023 (67%
all our clients while demonstrating ethics consist of meeting our clients’ of the target achieved as of the end
€1.4bn FRENCH RETAIL BANKING which encompasses the Societe Generale,
Crédit du Nord and Boursorama brands. Each offers a full range of financial services
true team spirit. A responsible and
trustworthy partner, we provide
various needs while safeguarding
the long-term interests of all of
of 2020).
net income(3).
with omnichannel products at the cutting edge of digital innovation. attentiveness, agility and the our stakeholders. Our responsibility
Commitment to aligning our portfolios
complementary nature of our can also be seen in our courage
13.4%
with the aim to achieve carbon
INTERNATIONAL RETAIL BANKING, INSURANCE AND FINANCIAL expertise. We work with our clients to be accountable for our actions neutrality by 2050.
CET1 ratio, SERVICES TO CORPORATES with networks in Africa, Russia, Central in the same way we work with one and decisions, and to express our
a sign of financial strength. and Eastern Europe, and specialised businesses that are leaders in their markets. another: by listening, building opinions transparently. We attach
together, valuing contributions and as much importance to the way we Objective to progressively eliminate
GLOBAL BANKING AND INVESTOR SOLUTIONS which offers being united in both our successes achieve results as we do to the results exposure to the thermal coal
€18bn recognised expertise, key international locations and integrated solutions. and our difficulties. themselves. sector (by 2030 for companies with
extraction or electricity generation
distributed through the French activities in the EU and OECD, and
government-guaranteed loan INNOVATION COMMITMENT by 2040 for the rest of the world).
scheme (PGE). We strive to continually improve Our staff are fully committed to
our client approach by leveraging contributing to the success of our
technical innovation and working clients. We promote involvement
€28m together to adapt our solutions and and professional accomplishment
€11.9bn
in donations under practices to the uses of the future. for all. We nurture relationships
committed to financing identified
the Covid-19 global True to our entrepreneurial spirit, based on trust and mutual respect,
solidarity programme. as SPIF(5), including €6.8bn
we are changing our ways of working, both inside and outside the Bank. in ‘green’ financing or contributions
and innovating by promoting sharing, Our commitment derives from the to helping the energy transition
experimentation and thinking outside continued satisfaction of our clients and €5.1bn in social/societal
(1) Rounded figures, headcount at end of period,
excluding temporary staff. the box. We learn from successes and in our skills and expertise. financing.
(2) Excluding clients of the Group’s insurance
failures alike.
companies.
(3) At end-December 2020. Underlying data: restated
€26.9bn
for exceptional items and the IFRIC 21 adjustment.
in SPI(6) products.
FIND OUT MORE
>Universal Registration Document 2020,
Chapter 1 (4) Underlying data at 31/01/2021. (6) S
ustainable and Positive Investments for Asset and Wealth Management activities,
> www.societegenerale.com/en/ (5) Sustainable and Positive Impact Finance, lending and leasing activities including structuring products for institutional and individual investors.
societe-generale-group/identity/identity and/or supporting clients in developing their positive impact business.
4 5
A GLOBAL BANK Since being founded in 1864 to “promote the development of trade and industry”,
our Group has built on its European roots to develop our business internationally.
WITH EUROPEAN ROOTS
With a unique geographic positioning, we connect Europe, Russia, and Africa
with key global financial centres in Asia and the Americas.
WESTERN CENTRAL AND
EUROPE EASTERN EUROPE
133,000
70,178 36,085
members of staff
members of staff
members of staff (1)
52.7%
of the overall
workforce 27%
30m
of the overall
workforce
clients - individuals, businesses NBI
and institutional investors(2)
THE NBI €2,809m
AMERICAS €14,661m
137 2,684
nationalities
members of staff
2%
61 of the overall
countries workforce
NBI AFRICA AND
THE MIDDLE EAST
€1,587m
13,048
ASIA AND
OCEANIA
members of staff
11,256
members of staff
9.8%
of the overall
8.5%
NBI
workforce
of the overall
NBI
workforce
€1,645m
€1,413m
(1) Headcount at end of period, excluding temporary staff.
(2) Excluding clients of the Group’s insurance companies.
FIND OUT MORE
> Universal Registration Document 2020,
Chapter 1
> www.societegenerale.com/en/societe-
generale-group/identity/identity
6 7
“WE’VE SHOWN THE VALUE
OF OUR BANKING PROFESSION”
“We are methodically and consistently
charting our course and will present
our overall 2025 strategic and financial plan
for the Group in the first half of 2022.”
YOU HAVE STARTED TO PREPARE YOUR NEXT STRATEGIC STAGE. WHAT PROGRESS HAVE YOU MADE IN YOUR INNOVATION
WHAT ARE YOUR MAIN AREAS OF FOCUS? AND DIGITAL STRATEGY?
With the new General Management team in place, and as the world The transformation we began several years ago has allowed us
begins its post-crisis recovery, we want to begin a new selective to build the technology platforms we need and to enable a culture
and sustainable period of growth by leveraging our diversified and of innovation. With the crisis that continues to further accelerate
balanced business model, which we have just finished refocusing. the use of digital technology, we are stepping up our game
We have approved the strategic choices that should enable us to maintain our digital leadership. We want to offer an industry-
FRÉDÉRIC OUDÉA, to improve the competitiveness of our businesses and our Group, leading customer experience by combining the best mix of digital
HOW HAS SOCIETE GENERALE HANDLED CHIEF EXECUTIVE OFFICER while building on our leadership positions and our potential for interaction and human expertise. We are looking at refining
THE CORONAVIRUS PANDEMIC AND synergy. In line with our corporate purpose, we have defined three and reinventing our current distribution and production models
ITS MANY CONSEQUENCES? main strategic levers to lay the foundations of our next strategic while simultaneously developing and expanding the new
As soon as the crisis broke out, we took stage: client centricity and satisfaction, our ESG commitments alternative business models of tomorrow.
action by concentrating on two primary “We are firmly committed to playing a role and our operational efficiency.
concerns: protecting the health of our staff in the recovery of our economies, making WHAT ARE YOUR ENVIRONMENTAL AND SOCIAL AMBITIONS?
and our clients, and doing our part to keep In 2020, we laid the groundwork for our strategic ambitions and We are firmly committed to playing a role in the recovery of our
the economy running. them more responsible, ‘greener’ and we are already in the execution phase. In French Retail Banking, economies, making them more responsible, ‘greener’ and more
We ensured the continuity of our services
more inclusive by proactively supporting we are aiming to have 15 million clients by the end of 2025 through
our proactive plan to create a new bank by merging our two retail
inclusive by proactively supporting our customers during these
transitions. In particular, we want to be a leader in the energy
and provided solutions to meet our clients’ our customers during these transitions.” banking networks, Crédit du Nord and Societe Generale, combined transition and a responsible employer. As we voluntarily and
needs, all the while working closely with with the acceleration of the development plan for Boursorama, actively reduce our support for fossil fuels, we are accelerating
public authorities in all our regions. the leader in online banking in France. our financing of renewable energy. With respect to diversity,
The most emblematic illustration we have set ourselves the goal of having 30% of the Group’s senior
is certainly our contribution to the We also announced the strategic plan for our subsidiary management posts held by women in 2023.
availability of the French government- HOW DID THE GROUP PERFORM IN 2020? Overall, we proved how resilient we are. ALD Automotive, which has set itself the goal of becoming the
guaranteed loan scheme (PGE) which The year was one of contrasts. The first half We have also reinforced the financial leader in sustainable mobility, and for KB, which is seeking to Consistent with our commitment as a founding bank and signatory
aims to help companies’ cash flow. of the year was dominated by the impacts solidity of our Group by increasing position itself as the leader in digital and responsible banking in the to the Principles for Responsible Banking, we work as a coalition,
We also provided social support to our of the crisis. All our businesses suffered our level of capital, which is well above Czech Republic. After completing the fine-tuning of our structured disclose what we do transparently and publicly share how we do
staff during this period and supported under the combined effects of a downturn the regulatory requirements, making us finance product range, we will present our business-wide Global it when, for example, it concerns the alignment of our business
our communities with a special global in activity and an increase in the cost one of the best capitalised banks in France. Banking and Investor Solutions strategic roadmap in the first half of portfolios with the Paris Climate Agreement.
solidarity programme. of risk due to anticipated future defaults. Our progress in meeting different 2021. We are also working on our ESG ambitions, notably building All of the Group’s teams are committed to putting our corporate
In addition, our capital markets business environmental, social and governance (ESG) on the inputs gained by listening to our stakeholders. Furthermore, purpose into action with the aim of “Building together,
On behalf of all the members of the was particularly affected by the market criteria has also been also broadly recognised we are well on the way to finalising our remediation programmes with our clients, a better and sustainable future”.
General Management, I would like to dislocation that weighed heavily on our by the extra-financial rating agencies. to strengthen our compliance control framework, which will be
extend my heartfelt thanks to all our teams range of structured investment products. a real asset for the future.
around the world and the exemplary We are confident in the quality of our
commitment they have shown throughout In the second half of the year, we were able franchises and balance sheet, and are We are methodically and consistently charting our course and will
this pandemic. More than ever, we’ve shown to adapt to the situation and demonstrate determined to further enhance our ability present our overall 2025 strategic and financial plan for the Group
the value of our banking profession our ability to rebound quickly in all of our to deliver in order to move forward and in the first half of 2022, with greater visibility on the economic
and our sense of responsibility. businesses. prepare for the future. and regulatory environment for the coming years.
8 9
OUR CORPORATE PURPOSE FIND OUT MORE
>U niversal Registration Document 2020,
IN ACTION
Chapter 1
> www.societegenerale.com/en/
societe-generale-group/identity/identity
> www.societegenerale.com/en/
responsability/ecological-transition
Our corporate purpose is a promise we made to our stakeholders. In these times of crisis, Amid a still uncertain environment marked by profound economic and social impacts, Societe Generale’s corporate purpose is an essential
it is more than ever a guiding principle and proves its relevance, as exemplified by the many driver to address the many short-term challenges and help build an inclusive and responsible recovery.
concrete initiatives implemented by the Group’s entities. Whether through our products and services, ongoing dialogue with clients, or the commitment and training of our staff, our corporate
purpose sustains the entire company.
BUILDING TOGETHER, ... A BETTER ... THROUGH RESPONSIBLE
WITH OUR CLIENTS... AND SUSTAINABLE FUTURE... AND INNOVATIVE FINANCIAL SOLUTIONS.
SUPPORTING OUR CLIENTS, SUPPLIERS AT THE FOREFRONT OF FINANCING THE ENERGY ACCELERATED DEVELOPMENT OF DIGITAL TOOLS
AND PARTNERS DURING THE COVID CRISIS TRANSITION TO BETTER SERVE OUR CUSTOMERS
- Continuous customer support thanks - No. 2 worldwide in renewable energy - 60% of clients actively use online banking(2).
to exemplary staff engagement: financing, No. 1 in advisory(1): - 94% of payments and transfers are digital(3).
• Business continuity and quality of service for all our clients: • Over 50% of renewable energies in the financed
90% of retail banking branches remained open in France electricity mix.
A UNIQUE OFFER OF RESPONSIBLE INVESTMENT
in 2020. -P
roject to align all of the portfolios, SOLUTIONS
• Increasing use of remote platforms – apps, websites including the most carbon-intensive sectors,
and phones – for everyday transactions. - 100% responsible investment solutions in open
with the Paris Climate Agreement:
architecture and accessible to all in France.
• Target to reduce the portfolios exposed to
SUPPORTING THE ECONOMY oil and gas extraction by 10% by 2025.
AND PLAYING A KEY ROLE IN THE RECOVERY A SUSTAINABLE FINANCE OFFER
- Towards a complete exit from coal:
- Implementing measures put in place by governments. • Eliminate the Group's exposure to coal by 2030 - €11.9bn committed to SPIF(4), including €6.8bn in
in OECD and EU countries, and by 2040 for the rest ‘green’ loans or funding to help the energy transition
- Concrete initiatives implemented with the Group’s own
of the world. and €5.1bn in social/societal financing.
means and resources.
- Commitment to align our portfolios with paths toward - €26.9bn in sales of SPIF identified products.
• Over 98,000 applications for the French government-
guaranteed loan scheme (PGE - Prêts Garantis par l’État) achieving carbon neutrality by 2050.
in 2020. DEVELOPING ALTERNATIVE MODELS
• €18bn in French government-guaranteed loans (PGE) COVID-19 GLOBAL SOLIDARITY PROGRAMME - 2.6 million clients of Boursorama, the leading online
distributed in France in 2020. bank in France.
- Contribution to social solidarity initiatives put in place
• Exceptional financing guarantee for African entrepreneurs.
by governments. - Acquisition of Shine with its 100% responsible digitalised
- Direct support for charitable associations on the front offer for professionals and SMEs.
lines of the public health emergency: implementation
of a global solidarity programme, with budget of up to
€28m.
(2) Average of the Group’s European and Russian entities, % of online banking clients =
clients using online banking or mobile banking apps at least once in a 30-day period /
active clients (at end-2020).
(3) Average of the Group’s European and Russian entities, % of digital payments
and transfers = digital payments and transfers / total payments and transfers
(January-December 2020).
(1) Source: IJ Global. (4) Sustainable and Positive Impact Finance.
10 11
OUR
STRATEGIC
FOCUS
The Group’s priority in 2021 is to implement
and finalise our 2025 strategic focus.
Enhancing the customer experience, continuing
to improve our operating model, developing
our core businesses, and acting in a responsible
manner will be at the centre of our day-to-day
lives and our next strategic stage. In line
with our corporate purpose, we are committed
to meeting the needs of our clients and having
a positive impact on all our stakeholders.
12 13
THE TRENDS SHAPING
THE BANK OF TOMORROW
The digital revolution is profoundly restructuring society and the banking sector is no exception
from this change. At the heart of the mechanics of an economy, banking operators also play
a crucial role in the energy transition.
THE CRISIS AS A CATALYST
OF THE DIGITAL RELATIONSHIP
Online banking, vocal assistants, chat bots
and connected objects… The public health
crisis has been a catalyst for trends that
have already emerged in the banking
sector with customers increasingly taking
up the use of digital tools. In the age
of Big Data and Artificial Intelligence, data
processing, compliance and cybersecurity
are becoming major issues.
Three types of players are emerging
in this new environment: disruptive
models, such as the platforms developed
by GAFA, which could integrate part
of the financial services value chain;
the ‘neo-banks’, recent operators forced
to either revise their operating procedures
or find a way to band together to increase
31%
profitability; and also the ‘traditional’ With their many strengths, including
banks that have had to speed up their proven reliability, these traditional banks
digital transformation. of all accounts opened
are investing heavily in the digitalisation
in the United States were opened
of their services and forming strategic via a bank’s website or mobile app
130
partnerships with fintechs in order to gain (22% in 2019)(1).
agility, enhance customer relationships SUSTAINABLE FINANCE AS A LEVER FOR SOCIAL AND ENVIRONMENTAL PROGRESS In September 2019,
Alongside public authorities, actors in the private sector have a crucial role to play
14%
and provide new innovative services and banking groups with over
products. However, this crisis has clearly in the energy transition and the preservation of the planet. These are the expectations $47 TRILLION in assets adopted
shown that interpersonal relationships of Treasurers and Chief Financial of civil society, especially in Europe, increasingly concerned about environmental the United Nations’ Principles for
Officers are concerned about and societal issues. At the crossroads of capital flows, banks have specific obligations.
remain vital. Responsible Banking. There are
The health crisis Customers expect their banks to offer
a rise in cybercrime(2). The financial sector plays a major role in the transition to more sustainable development, more than 220 signatories today.
whether in terms of more intelligent use of natural resources, social inclusion,
has been a catalyst easily-available support with the best
combination of digital interaction and 50% or the development of innovative and less carbon-intensive business models.
for trends that have
SRI
human expertise. Initially focused on climate change, the issues at stake today extend to the entire ESG
of insurance customers
and 63%
(environmental, social and governance) field, criteria that are gaining in importance Today, (Socially
already emerged in light of the social and economic consequences of the public health crisis. Against this Responsible Investment) accounts
of bank customers are willing for 11% OF ASSETS UNDER
in the banking sector. to share more personal data
backdrop, banking industry actors are working together to build common standards
that are compatible with their business models. As such, sustainable finance is becoming MANAGEMENT globally(4).
to benefit from favourable terms,
a driver of future environmental and social progress. Besides helping to allocate or redirect
reduced interest rates or other
financial benefits(3). financial flows to economic activities with a positive effect on societies, it is a vehicle
for encouraging new behaviour.
(1) Source: J.D. Power.
(2) Source: Treasury Management International, “Infographic – Treasury Challenges: Covid-19,” October 2020.
(3) Source: Accenture: 2019 Global Financial Services Consumer Study. (4) Deloitte ESG Data Lab.
14 15
ECONOMIC
OUTLOOK
At a time when developed
economies are massively
rolling out vaccination
strategies in order
to accelerate the end
of the public health crisis,
Michala Marcussen,
Group Chief Economist,
explains the conditions
of the economic recovery
and their consequences
for Societe Generale.
Interview conducted
in April 2021.
MICHALA MARCUSSEN,
GROUP CHIEF ECONOMIST
Once health conditions allow societies
to reopen, recovery could be fast as “Global recovery will be shaped
consumers, buoyed by policy support
and bottled-up savings, rush to enjoy by which policies and behaviours prove No doubt governments hope that by focusing recovery stimulus
long missed activities such as dinner out temporary and which prove permanent.” on investment, markets will view their debt as falling into the
with friends. Beyond this initial restart, ‘good’ category of boosting the trend for potential growth,
however, global recovery will be shaped rather than the ‘bad’ one of wasteful public spending. Adopting
by which policies and behaviours prove the necessary structural reforms can further build confidence.
temporary and which prove permanent. How both governments and private scarred by the crisis means that more Public debt sustainability depends on strong growth, but also
Governments around the world have
taken unprecedented policy action to
businesses manage supply chains also
seems set to see more permanent
permanent public sector support
for investment will be required to
on low interest rate premia. Central banks have made a strong
commitment to keep premia low, but concern in markets,
“Several governments are seizing
fill the void created by social distancing change. In the area of health care, secure sustainable recovery. Several and not least in the US is that inflation could return. this opportunity to accelerate
measures and consensus is that even governments are already considering governments are seizing this opportunity
when private demand starts once again the robustness of health care supply to accelerate ‘green’ and digital transitions, Near-term, headline inflation is due to see several spikes, on the
‘green’ and digital transitions,
to function normally across all sectors, chains and seem likely also step up in a bid to both reduce the risk of future back of the sharp recovery in commodity prices, various frictions in a bid to both reduce the risk
it would be unwise to remove this investment in health care infrastructure climate related dangers and also to boost and the end of temporary measures such as the German VAT cut
temporary policy support too quickly, and research. Private companies have the trend for potential growth. in the second half of 2020. The recovery, moreover, offers the of future climate related dangers
and not least as it may take some time suffered multiple disruptions to supply temptation for hard-hit services to try to claw back some of their
and also to boost the trend
to appreciate which behaviours have chains, be it Covid related closures, All the major economies have, moreover, losses by raising prices. Central banks have already made it clear
permanently changed. semiconductor frictions or even the enhanced their climate commitments. that they plan to look at this volatility, but markets may become for potential growth.”
blockage of the Suez Canal. As a Last September, China committed to uncertain as to what is temporary and what is permanent.
Already it seems fair to assume that combined result, many will accept the carbon neutrality by 2060. In December
working from home will become more cost of holding more inventories to win 2020, the European Council stepped This is where sound policies will be key. Governments must
prevalent, and that virtual meetings and greater resilience. up the European Union’s targeted cut avoid the temptation of pump priming fiscal policies and
conferences will remain even as business in greenhouse gas emissions to 55% protectionism, leading to a bad debt scenario, and central banks
travel resumes. Households, moreover, While business investment in many by 2030 (over 1990 levels), from 40% must carefully judge how to keep both inflation expectations and
may stick with some of the digital offers instances held up better than economists previously. And, in 2021, President Biden financial stability in check. With so many moving parts and the FIND OUT MORE
that companies adopted in response to feared, the fact that private sector moved to reinstate the United States to need to distinguish the temporary from the permanent, this will >U niversal Registration Document 2021, Chapter 1.3
the crisis. balance sheets have been economically the Paris Climate Agreement. not be an easy task. > www.societegenerale.com/en/economic-research
16 17OUR STRATEGIC
FOCUS
Another year of continued efforts to combat the effects of the pandemic, 2021 will also be a year
dedicated to the preparation of our next strategic plan through to 2025.
A STRATEGY AIMED AT PROFITABLE
Beyond the successful completion of the major strategic projects launched in 2020 — the Vision 2025 project aiming to combine the two AND RESILIENT DEVELOPMENT,
retail banking networks in France, Boursorama’s growth plan, ambitions for International Retail Banking and Financial Services with the
development plans of KB and ALD Automotive, and the adaptation plan for our range of structured finance products — the 2025 roadmap
BASED ON A DIVERSIFIED
will be primarily based on three components:
AND INTEGRATED BANKING MODEL
• d
igital transformation issues with the current crisis requiring accelerated efforts in this area;
• c ommitments in the environmental, social and governance fields;
• c ontinued disciplined management of costs and rare resources, combined with risk control,
thus contributing to the Bank’s solid balance sheet.
2021 was marked by the completion of the refocusing plan
initiated in 2018 aimed at STREAMLINING THE GROUP’S
ORGANISATION AND OPTIMISING THE ALLOCATION OF ITS
CAPITAL by concentrating the Group’s business model on those
3
core businesses that generate substantial synergies and have TRANSVERSAL STRATEGIC LEVERS
achieved critical size, ensuring their long-term competitiveness.
for the Group’s next strategic stage through to 2025
Guided by its corporate purpose, Societe Generale intends
to leverage its newly refocused business model with a view
to strengthening its leadership positions and has defined:
THREE CROSS-BUSINESS STRATEGIC LEVERS
• client centricity and satisfaction
CLIENT CENTRICITY CORPORATE SOCIAL OPERATIONAL
• corporate social responsibility
AND SATISFACTION RESPONSIBILITY EFFICIENCY
• operational efficiency
We are going to take the first strategic steps we announced in 2020
in some of our businesses and finalise the roadmaps for all our
activities and the Group as a whole.
FIND OUT MORE
> Universal Registration Document 2020, Chapter 1
18 19A STRATEGY CREATING
VALUE FOR FRENCH
RETAIL BANKING
SYNERGIES THAT CREATE VALUE
At the end of 2020, Societe Generale announced two major strategic initiatives: the merger of The aim of the VISION 2025 project
the Societe Generale and Crédit du Nord retail banking networks and an ambitious development to merge the Crédit du Nord
plan for Boursorama. With this new complementary retail banking model, we intend to respond and Societe Generale retail banking
networks is to create a new entity serving
more effectively to ongoing sectoral changes.
nearly 10 million corporate, professional
and individual customers. In order
to maximise customer satisfaction,
the new network will rely on enhanced
BUILDING A WINNING RETAIL BANKING MODEL digital capabilities, making it possible
At a time when retail banking activities are facing multiple to provide personalised solutions adapted
challenges, Societe Generale seeks to set itself apart by building to everyday banking needs. The branches
a model based on two strong and complementary pillars. of the new network will become centres
First pillar: a banking network combining digital technology and for advice and expertise, run by staff
human expertise, resulting from the merger of the Societe Generale refocused on their role as advisors.
and Crédit du Nord networks. By drawing on the strengths of each As a result of the close geographic
entity, the Group intends to create a model committed to client proximity of the two brands’ branches,
satisfaction, operational efficiency and regional development. the Group will be able to maintain
In a world profoundly changed by the digital revolution the same regional presence while also
and the emergence of new uses for digital technology, Boursorama, reducing the overall number of branches.
the 100% online bank, is the second pillar of this strategy. Ultimately, the retail bank will benefit from
The Group’s ambition is to further its development and strengthen considerable cost synergies, in particular
through the use of a single IT system and
BOURSORAMA, THE ONLINE BANKING 2025 OBJECTIVES
its leadership position by seeing this alternative and unique model MODEL FOR THE FUTURE
#1
through to maturity with a goal of 4.5 million clients by 2025. the consolidation of corporate functions.
With 2.6 million customers, Boursorama
These two initiatives illustrate Societe Generale’s pioneering These pooled resources will serve the
is the undisputed leader in the French in terms of customer satisfaction.
and entrepreneurial spirit and are fully in line with our corporate new banking model and deliver greater
online banking sector.
purpose. profitability while meeting the highest
4.5 million
Online banking is delivering on its promise
standards of responsibility.
— simplifying customers’ lives at the most
competitive price and with the highest customers.
quality of service — as evident from its
2025 OBJECTIVES
consistent ranking at No. 1 in customer
satisfaction(1). The leading
online bank in France.
After five years of growth, Boursorama
Top 3 intends to continue its efforts to position
itself amongst the largest retail banks
in customer satisfaction.
in France. Its ambition is to reach more
than four million customers in 2023
The Group intends €450m and 4.5 million by 2025.
In addition to market penetration, there
The online bank
in cost savings in 2025
to create a model committed (compared to 2019). are some ambitious profitability targets. is delivering on its
to client satisfaction, Boursorama plans to leverage the proven promise: simplifying
operational efficiency 11% to 11.5% efficiency of its business model to target
net income of around €100m in 2024 the lives of its
return on normative equity
and regional development. per Basel III standards.
and €200m in 2025, with a return on
clients at the most
normative equity of over 25%
(per Basel IV standards). competitive price
and with the highest
level of service
quality.
(1) Source: Customer Relationship Podium Awards
organised by BearingPoint and Kantar.
20 21A CORPORATE PURPOSE
FIRMLY IN PLACE ACROSS
EVERY BUSINESS LINE 2025 OBJECTIVES
2 million
AND IN EVERY REGION active customers.
15% ROE.
Several of our businesses have presented their development plans reflecting our ambitions: Achieving carbon
promoting future solutions and supporting our clients and stakeholders to make positive impacts. neutrality by 2026
for the Bank’s own activities.
A NEW MILESTONE FOR KOMERČNÍ BANKA
A Societe Generale subsidiary for more than 30 years, Komerčni banka (KB)
is the third largest bank in the Czech Republic and, in 2020, was once again ranked
AMBITIOUS 2025 OBJECTIVES
as the safest bank in Central and Eastern Europe. It presented its KB Change 2025
plan at the end of 2020. A new milestone in its development that will allow the bank KB positions itself
to finalise the development of its omnichannel model.
STRATEGIC OPERATIONAL AND FINANCIAL OBJECTIVES
Improving customer satisfaction, already very high in all client segments, is one as a responsible
• 2.3 million managed contracts(1) of our top priorities along with our ambition to become the leader in online bank and a leader
• 80-85% of the fleet financed banking. Environmentally, KB positions itself as a responsible bank and an online
• 46% to 48% cost/income ratio(2) banking and sustainable development leader, and has set itself the ambitious in online banking
• 50% to 60% dividend payout rate objective of achieving carbon neutrality by 2026. This ambition is already
and sustainable
reflected KB’s initiative to launch a new payment card for students made out of
SUSTAINABLE AND EXTRA-FINANCIAL OBJECTIVES recycled plastic. development.
Being a committed and
responsible employer
ALD AUTOMOTIVE AFFIRMS ITS LEADERSHIP POSITION Creating a future of
sustainable mobility Attaining a staff engagement
ON THE MOBILITY MARKET rate of 80%.
A fleet of low-emission
Specialising in mobility solutions, ALD Automotive operates on vehicles: 40% reduction in CO2
Increasing the percentage
of women in senior
the corporate and individual long-term vehicle leasing and fleet emissions vs. 2019.
management positions
management markets in France and internationally. In line with by 30%.
AN OPEN ARCHITECTURE STRATEGY FOR SAVINGS SOLUTIONS
the Group’s strategic focus, the Move 2025 plan aims to position In April 2021, the Group announced it had entered into exclusive
ALD Automotive as the worldwide leader of the long-term vehicle negotiations with Amundi with the objective of selling the asset
leasing industry. This leadership role will be based on four pillars Maintaining a responsible management business operated by Lyxor. This agreement is part of
– customers, growth, responsibility and performance – and four business culture
and practices Societe Generale’s strategy in the area of investment, which consists
key approaches to drive sustainable growth. Our subsidiary will Reducing our internal of operating under the principle of open architecture and offering
ESG criteria fully
continue to broaden its full-service leasing and fleet management environmental footprint incorporated into
by 30% compared to 2019 its clients investment and asset management solutions within a framework
offering with the goal of reaching 2.3 million managed contracts by all reporting processes.
of partnerships with external asset managers. As a result, clients get access
2025. Through Move 2025, ALD Automotive will further strengthen Improving the
Net Promoter Score > 40%. to the highest levels of investment expertise in France and worldwide, while
its commitment to CSR with a four-dimensional approach, also satisfying the increasing demand for socially responsible investment.
including sustainable mobility, being a committed and responsible In this area, the Group anticipates creating a Wealth & Investment Solutions
employer, maintaining a responsible business culture and department that will work as a centre of expertise for structuring savings,
practices, and reducing the company’s environmental footprint. asset management and investment solutions for the Group’s private
With recognised responsible performance for the fifth consecutive and retail banking networks, as well as for structured management solutions
year, ALD Automotive saw its EcoVadis Gold medal renewed both at for global markets clients.
the national and international level while the rating and research
196,000
In keeping with Societe Generale’s corporate purpose, the advisory offer
agency Vigeo Eiris ranked ALD Automotive in the Top 3 in the Over and the new investment solutions will always incorporate social and
Business Support Services panel with a score of 67/100. vehicles in its managed fleet at the end environmental considerations, enabling customers to save and invest more
of 2020 (vs. 152,000 in 2019). meaningfully.
(1)Total number of contracts = total fleet (full service lease & fleet management) plus
new mobility solution contracts (ALD Flex, Used Car Lease and ALD Move). Over 22% new managed
(2)Excluding income from vehicle sales. contracts signed in 2020 (vs. 11% in 2019).
22 23OUR KEY
STRENGTHS
Societe Generale has already established
the bank of tomorrow, with an open,
high-performing organisation combining
human expertise and digital technology,
fully integrated with its ecosystem and
driven by an ambitious strategic vision.
Our strengths include placing our clients
at the centre of our activity, dedicated members
of staff working in a motivating environment,
a culture of innovation at the core
of our DNA, and meaningful dialogue
with all our stakeholders.
24 25CREATING THE CONDITIONS
FOR SUSTAINABLE COMMITMENT
“Societe Generale has made
Because our long-term performance and corporate purpose are closely tied ZERO TOLERANCE
to the engagement of our staff, Societe Generale is committed to five core priorities
diversity one of its priorities.
OF INAPPROPRIATE BEHAVIOUR
in the area of human resources. Moreover, it was the first banking Societe Generale is committed
group in France to appoint to preventing and combating all
a woman, Diony Lebot, inappropriate behaviour, including but
to the position of Deputy Chief not limited to sexual or psychological
harassment, homophobia, racism and
Executive Officer. Today, we want
sexism, which all go against our Code
DIVERSITY AND INCLUSION to go a step further and set new, of Conduct. The Group enforces zero
Societe General prides itself on being
more ambitious objectives tolerance at every level of the organisation
a company open to the world, one that
reflects the diversity of the clients
CAROLINE in the area of diversity in and has strengthened its policy through
GUILLAUMIN,
we serve every day. This proactive diversity GROUP HEAD OF HUMAN our governance bodies, which different systems of alert (occupational
RESOURCES AND GROUP doctor, line management, Human
and inclusion policy has translated
HEAD OF COMMUNICATION
will form an integral part of our
Resources, Compliance Manager, etc.)
into concrete results. This year, Societe next strategic stage. We will make and a community of international experts
Generale was the first French bank to be
this a management priority for ready to intervene anywhere in the world.
included in the Refinitiv(1) Diversity and
Inclusion Index, entering the rankings the Group, to be shared and In parallel, a mandatory training session
measured in all our businesses entitled “Standing up to inappropriate
at 19th out of 9,000 publicly listed global
conduct” has been put in place.
companies. and entities worldwide.”
CORPORATE CULTURE PERFORMANCE AND COMPENSATION minimum of 30% of women in the
a
AND ETHICS PRINCIPLES All Group staff are assured of seeing their Group’s senior management by 2023.
The Group’s staff are encouraged to act contribution to the Group’s performance Societe Generale SA France scored
responsibly within a framework of strict rewarded. This is due to an attractive and 86/100 in the 2020 Gender Equality
ethical standards shared by all. With this fair compensation policy that promotes Index. RAISING STAFF AWARENESS OF CSR
in mind, Societe Generale has been working dedication and long-term loyalty while In 2020, the Corporate Social Responsibility (CSR) and Human Resources departments
for several years to strengthen its culture integrating appropriate risk management. OCCUPATIONAL HEALTH AND SAFETY launched a large-scale training programme for all members of staff dedicated to
centred on its values, its Code of Conduct Members of staff at Societe Generale corporate social responsibility. The programme consists of four pillars: developing
€7m dedicated over three years to
and its Leadership Model, which defines group are offered the best occupational a common culture through awareness-raising workshops on global warming and
reducing wage gaps at Societe Generale
the behaviours and skills expected from health, safety and well-being conditions. through a training course catalogue (e-learning and MOOC); raising the awareness
SA in France.
members of staff. The Group makes sure Developing a respectful and safe working of a targeted audience about environmental and social risks though e-learning
93% of members of staff had an annual
that each member of staff follows the environment where staff are able to training sessions; training the commercial teams so that they can better advise
performance review.
ethics principles defined by the company. reconcile their work with their private lives their clients on the energy transition; and, lastly, identifying the many initiatives
is one of the Group’s key commitments. developed by the Group’s experts around the world to enable their improved
8,500 members of staff trained
6 PROFESSIONS AND SKILLS
In response to the public health crisis, availability to as many people as possible.
in the management of inappropriate Societe Generale staff benefit from
Societe Generale quickly applied strict
behaviour. meaningful career development:
safety measures at all its sites and was PROTECTING STAFF IN AN UNPRECEDENTED SITUATION
8% of staff successfully completed
9 the Group prides itself on offering a wide
fully mobilised in support of all its teams To respond to the public health crisis, the Group undertook to guarantee
the Code of Conduct training module range of training options and is committed
during this difficult period. After the the salaries of its staff in every country where it operates. In France,
(2020 edition). to developing staff employability,
rapid expansion of working from home to Societe Generale supplemented the pay of staff looking after their children
consistent with its needs and the
protect staff and comply with lockdown at home or on sick leave, thereby sparing them from resorting to being furloughed.
changing labour market. Promoting
measures, the Group signed an agreement Numerous measures were also put in place: staff awareness-raising about
talent, encouraging staff mobility between
in 2021 generalising working from home the public health measures, mental health counselling, the massive roll out
business lines and ensuring management
for all members of staff in France. of remote working from home and raising awareness about IT security issues, etc.
succession are critical for attracting, hiring,
and retaining staff. The Group pays special 8% of staff are covered by accident
9 In this unprecedented situation, an internal survey called Future of Work involving
attention to the quality of dialogue prevention and safety information more than 5,800 staff worldwide was conducted to learn more about how staff
with staff representative bodies. campaigns. were coping with lockdown and their expectations. This survey brought to light
FIND OUT MORE the issues surrounding the ongoing transformation and elicited some good ideas
86% of staff benefit from initiatives
99% of members of staff took at least and best practices. Working from home will become more widely accepted
> Universal Registration Document 2020, promoting good work-life balance.
Chapter 5.1 one training course in 2020. in every country. An agreement on its extension was signed in early 2021
> www.societegenerale.com/en/ Over 20,000 internal transfers with labour organisations in France.
responsability/responsible-employer/ (63% of hires in 2020).
corporate-culture-and-ethics-pinciples (1) formerly Thomson Reuters.
26 27DIGITAL LEADERSHIP
SERVING THE BANK
OF TOMORROW
Our focus is on our customers. So constantly improving the client experience, especially
the rapidly developing uses of digital technology, is at the heart of our innovation and digital
transformation strategy. Our goal is to keep increasing the value we provide to our customers
through our products and services as well as our optimised operating model.
Our strategic guidelines for 2025 will capitalise on the substantial progress already
made to step up the digital integration of all of Societe Generale’s businesses.
The Group’s longstanding commitment expertise and be ranked in the top three
to digital transformation relies on two key for customer satisfaction. We also intend
drivers – technology and innovation – to bring our promising new alternative
to serve our customers and clients. models to maturity, such as Boursorama,
which is now aiming for 4.5 million
60%
We have laid the technological and is one of the major solution providers ENHANCING CUSTOMER RELATIONSHIPS
groundwork (such as the hybrid Cloud customers in France in 2025. Moreover, we for fintechs, with numerous synergies WITH ARTIFICIAL INTELLIGENCE
or APIs) and maintained the strong culture will be inventing, identifying, and growing of clients use digital technology. available as part of our Bank as a Service Faced with the scourge of bank fraud,
of innovation in the Group’s DNA tomorrow’s new business models, strategy. Societe Generale has cutting-edge tools to
56%
(for example our intrapreneurship like the internal start-up FORGE, which protect its customers. The Group leverages
programme or working in agile mode) achieved a worldwide first in 2020 by GUIDING CUSTOMERS THROUGH the power of data collected every day by
launching the settlement of a financial of teams work in agile mode.
to support our customers more effectively A CHANGING AUTOMOTIVE MARKET Big Data and Artificial Intelligence (AI).
as their needs and habits are in constant transaction in Central Bank Digital With a fully digital experience, more than The Group collects data from all
evolution. Societe Generale has proven the
strength of its technological and cultural
Currency on a public blockchain,
in cooperation with the Banque de France.
80% seven million vehicle listings in Europe,
and two million monthly visitors to its
transactions (payments, logins, etc.),
identifying anomalies and processing
of infrastructure is in the Cloud.
foundations during the public health Our approach is designed to offer ever platform, Reezocar is one of the leading them in real time.
more fluid and personalised experiences
€4.4bn
crisis, which has been a real stress test digital platforms in France supporting AI also helps enhance customer relations
worldwide and a period of intense activity to increasingly autonomous customers, private individuals looking to buy a used via chatbots, or conversational assistants,
for the Group. Indeed, the pandemic roll out open innovation platforms, IT budget. vehicle. which customers can access 24/7. SoBot,
has demonstrated our ability to very and boost our efficiency, while highlighting By acquiring Reezocar, Societe Generale is the chatbot launched in 2018 by the Group,
quickly switch over to working digitally, the impact of digital technology on society strengthening synergies within its business and Eliot, at Boursorama, can answer
as required by the appropriate public health and the environment. lines. The deal demonstrates the Group’s increasingly complex questions.
precautions, whether for our customers ability to guide its customers through
or for our staff. All the while keeping BANKING ON CROSS-BUSINESS profound changes in the automotive and A FUND DEDICATED TO INNOVATION
the necessary vigilance required SYNERGIES WITH FINTECHS financial services market, while offering The Group’s start-up investment vehicle,
as a result, in terms of cybersecurity Societe Generale has acquired Shine, increasingly innovative customer service. Societe Generale Ventures, is equipped
and the resilience of IT systems. a start-up created to simplify the daily lives with a €150 million budget.
In the long term, the crisis will act as of the self-employed and small businesses, This strategic fund has a diversified
a trend accelerator. We estimate that
“With the Global Market Incubator which make up a fast-growing sector. portfolio and supports all business lines.
the pandemic has brought forward digital in Asia, our incubator dedicated Shine, one of the few companies certified Its mission is to foster relations with the
adoption initiatives by four years. to fintechs specialising in market by the B Corp label, has quickly become innovation ecosystem and create synergies
activities, we aim to leverage a key player in the market, with more with Societe Generale’s activities by
Once again, innovation and technology than 70,000 customers in two years. financing external start-ups or internal
our success in Europe and
will be key to the Group’s next strategic stage. The advantages of its services include projects led by staff.
By capitalising on our digital maturity and
the dynamism of the start-up administrative support and access to
taking a disruptive approach, we will be ecosystem to join forces and shape a team of experts seven days a week.
able to meet the challenges we have set improved services to our clients.” The synergies between Shine and
for ourselves. These include reinventing Societe Generale will allow the Group
the current models, such as the new to serve new professional customers,
GAËLLE OLIVIER,
French Retail Banking division (a result of CHIEF EXECUTIVE with Shine seeking to be the French leader FIND OUT MORE
merging the Crédit du Nord and Societe OFFICER, in this market. Shine also draws on the
SOCIETE GENERALE > www.societegenerale.com/en/societe-
Generale banking networks), which aims ASIA-PACIFIC technological expertise of Treezor, another generale-group/strategy/innovation-and-
to combine the best of digital and human start-up that joined the Group in 2019 digital
28 29You can also read
