This Giant French Bank Is Better Off as a Car Rental Agency
- Equity-derivatives leader generates best profits from autos
- 34% ROE ‘calls to mind pre-crisis derivatives,’ analyst says
This article is for subscribers only.
To find Societe Generale SA’s most profitable business, don’t look to its trading floors or executive suites in Paris or London, but to gritty parking lots in Lyon, Helsinki and Sao Paulo.
France’s No. 2 bank, whose mathematical prowess made it a world leader in equity derivatives, generates its best returns from a more prosaic business: leasing fleets of automobiles.