France’s SocGen reshapes organization ahead of wider revamp

A view shows the logo on the headquarters's of French bank Societe Generale at the financial and business district of La Defense

PARIS (Reuters) – France’s Societe Generale <SOGN.PA> revealed a new organizational structure on Wednesday ahead of a wider strategic plan to be released later this year.

“Our new organizational structure will be more horizontal, increasingly customer-focused and have a greater emphasis on regions,” SocGen said in a statement.

It said the structure would be made up of 17 business and 10 service units and its aim was to speed up the implementation of its new strategy when this is announced.

The bank said it had reassigned management across regions and business lines, which report directly to CEO Frederic Oudea and three deputy CEOs.

In international banking and financial services, co-head Jean-Luc Parer will take on a role as adviser to the general management by the end of 2017, while another co-head of the business line, Didier Hauguel, would be responsible for Russia.

Hauguel will continue to hold key roles in the governance of the financial services and insurance businesses, the bank said.

(Reporting by Maya Nikolaeva; editing by Alexander Smith)