Societe Generale Equipment Finance confirms its resilience in 2010
Societe Generale Equipment Finance, a Worldwide and European market leader
which operates in 25 countries around the globe, confirms its resilience in a
contrasted economic environment.
In 2010, the equipment leasing sector grew by 2.1%, according to
Leaseurope estimates. The countries that were heavily impacted by the crisis
performed better than the others. Societe Generale Equipment Finance succeeded
in reinforcing its leadership thanks to its strong business model, the high
quality of services delivered to vendors and clients and its operational efficiency.
In 2010, Societe Generale Equipment Finance generated new business of €8.6
billion, which was evenly spread across its main industry sectors. The value of
its managed assets reached more than €23 billion at the end of 2010. With
sustained success in the Vendor finance business, the establishment of key
relationships and the sound growth in emerging markets like Brazil, China and
Russia and historically high earnings in 2010, Societe Generale Equipment
Finance demonstrated that it could perform well even in a contrasted economic
environment.
Societe Generale Equipment Finance was able to rely on the strong
support of Societe Generale to pursue its business strategy and support all its
partners and customers despite the scarcity of funding in the market.
With its subsidiary PEMA, Societe Generale Equipment Finance offers full
service rentals for trucks and trailers in 9 countries. Having a total rented fleet
of around 13.000 vehicles at the end of 2010 PEMA is under the leading European
players in the industry. 2010 saw a strong acceleration of the business with a
growth of 22% as the demand from the transportation customers was strong. For
the year 2011 we expect further strong growth.
In 2011, Societe Generale Equipment Finance will continue to focus on
profitable growth in a gradually improving environment.
Societe Generale is the twelfth largest European bank in terms of market
capitalisation (as of end of 2010). The Group employs 157,000 people in 83 countries.
It reported a Group net income of €3.9 billion confirming the Group’s rebound
for the 2010 financial year and has a sound core capital ratio (Tier 1 ratio of
10.6% under Basel II and a Core Tier 1 of 8.5%).