Lender Perspectives on Credit Reporting WCCR Rio SOCIETE GENERALE CONSUMER FINANCE: A FAST GROWING CHALLENGER. Jean-Yves Bruna CEO of SGCF

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1 SOCIETE GENERALE CONSUMER FINANCE: A FAST GROWING CHALLENGER Jean-Yves Bruna CEO of SGCF

2 2 POSITION IN THE GROUP SOCIETE GENERALE Group DSFS BDDF Crédit Du Nord BHFM SG-CIB GIMS Specialized Financial Services Retail banking in France Retail banking in France Retail banking out of France Corporate and Investment Banking Global Investment Management and Services International player in specialized financial services One of the major contributor in the Group More than 35 years of experience in SFS activities 47 countries over the world More than 10 millions clients More than employees

3 3 DSFS Division of Specialized Financial Services Individuals Companies Insurance Consumer Finance incl. Car Finance IT operational leasing Equipment and vendor Finance Operational car leasing & fleet management N 4 in Life Insurance In France One of the true international player N 1 In Europe N 1 In Europe N 3 in the world With strong positions in several countries

4 4 HISTORY 1999 Lesson learned from SG-Paribas project Creation of DSFS with a Consumer Finance Business Line. +/- 10 people 2 operating countries Start of the international IT platform in Franfinance s premisses +/- 10 people 7 countries 2005 Creation in Franfinance s premisses of a team dedicated to international business : -IT reorganization -Creation of a Business Analysis team -Creation of a development team -Creation of a commercial support department 28 people + IT service providers 12 countries + 2 acquisitions in existing countries 2006 Creation of the SGCF holding : -Creation of a General Secretary position -Creation of a Financial Direction -Creation of a Communictaion Officer position 56 people + IT service providers 22 countries + 3 acquisitions in existing countries 2007 Strengthening of the teams: -Creation of a geographical supervision (5 Regional Directors) -Creation of a «Business» support department 81 people + IT service providers 26 countries Move to a new building -Creation of a Financial Control Team -Creation of a portfolio management & Mortgage Business Team 104 people + IT service providers 29 countries

5 5 PRODUCTION AND OUTSTANDING PER SUBSIDIARY Production 2008 as at 30/06/ bn EUR (+26% yoy) Net outstanding 2008 as at 30/06/ bn EUR (+21% yoy) Eastern Europe 30.5% Middle East + Africa 3.1% Asia 1.4% Latin America 3.7% Eastern Europe 18.8% Middle East + Africa 2.8% Asia 0.7% Latin America 5.2% Western Union 59.8% Western Union 74% +1,8 bn Servicing for Banking Networks (+2,7% yoy) +6,4 bn Servicing for Retail Banking Networks (+3,2%yoy)

6 6 REPARTITION PER BUSINESS LINE Classic Loan Revolving credit 32% 25% Prescription POS Prescription AUTO Direct 17% 26% Servicing 38% 10% 52% 0% Prescription POS Prescription AUTO Direct Servicing Leasing Global 8% 0% 0% 92% Prescription POS Prescription AUTO Direct Servicing 29% 21% 21% 29% Prescription POS Prescription AUTO Direct Servicing

7 7 STAFF BREAKDOWN BY GEOGRAPHICAL AREA Western Europe 14% Middle East - Africa 2% Asia 2% Latin America 15% Eastern Europe 67%

8 SOME EXPERIENCES/LESSONS LEARNT FROM GEOGRAPHICAL DEVELOPMENT

9 9 SUBSIDIARIES PORTFOLIO BREAKDOWN POS: Point of Sales DS: Direct Sales CL: Car Loans 1000% SELECTIVE INVESTMENTS (Rather Greenfields) EMERGING LEADERS (Acquisitions and greenfields) y/y Production Growth 100% 20% 10% India (DS) Turkey Slovakia Croatia Kazakhstan Egypt Vietnam Romania Greece Bulgary Algeria Portugal Brazil (CL) France (DS) Serbia India (CL) Brazil (POS,DS) Czech Republic RussiaLatvia France (CL) Hungary Germany (CL) Italy France (POS) Germany (POS, DS) Morocco EXISTING SUBSIDIARIES IN MATURE MARKETS CASH COWS 1% 1% 8% 10% 100% Gross Interest Margin (incl. Insurances)

10 SELECTIVE INVESTMENTS (Rather Greenfields) A FEW GUIDELINES FOR SUBSIDIARIES PORTFOLIO MANAGEMENT (Very) low cost base taking advantage of existing other business lines subsidiaries of SG in the country Strong part of variable costs Distribution through brokers networks (commercial agreement or majority stakes) Achieve in 3 years Breakeven through selective organic development High Potential countries (size of population) (acquisitions with goodwill) Develop new products or product innovation Develop new distribution channels through commercial partnerships and/or credit JVs. Improve C/I and Risk Ratios (if needed) EMERGING 10 Achieve in less than LEADERS 3 years Breakeven through general development of all business lines 20% EXISTING SUBSIDIARIES IN MATURE COUNTRIES Transform the business mix towards Direct Sales and Debt restructuring or repurchasing (with or without Mortgage) Take advantage of efficient Risk Control & Performance becoming Basel II advanced IRBA compliant Increasing Role of Product Innovation Securitize Portfolios in order to free equity consumption (if and when possible) Low Potential countries (rather greenfields or JV: no goodwill) CASH COWS Increase the Commission Part of the NBI (Insurance, Servicing) in order to remain in that category as longer as possible Lender 8% Perspectives on Credit Reporting WCCR Rio

11 11 FOCUS ON THE UPPER PART OF THE MATRIX POS: Point of Sales DS: Direct Sales CL: Car Loans 1000% SELECTIVE INVESTMENTS (Rather Greenfields) EMERGING LEADERS (Acquisitions and greenfields) y/y Production Growth 100% 20% 10% India (DS) Turkey Slovakia Croatia Kazakhstan Egypt Vietnam Romania Greece Bulgary Algeria Portugal Brazil (CL) France (DS) Serbia India (CL) Brazil (POS,DS) Czech Republic RussiaLatvia France (CL) Hungary Germany (CL) Italy France (POS) Germany (POS, DS) Morocco EXISTING SUBSIDIARIES IN MATURE MARKETS CASH COWS 1% 1% 8% 10% 100% Gross Interest Margin (incl. Insurances)

12 A FEW PRELIMINARY FEEDBACKS FROM RECENT EXPERIENCE 12 SELECTIVE INVESTMENTS Don t try to do anything anywhere (start as a niche player focusing more on Direct Sales and cross-selling) Pure servicing agreements (fees based business) or brokerage JV s more profitable than credit JV s EMERGING LEADERS Quick profitability can be achieved through the setting up of a direct sale distribution network (to combine with direct marketing through call centers) Credit JV s to be considered only if common views upon funding issues in country risk sensitive markets High profitability business models (e.g. credit cards) Risk control & management under the responsibility of SGCF COMMON FINDINGS Collection issues and Value Chain Building are not enough and not enough quickly taken into consideration by subsidiaries CEO s Servicing agreements (white labeling) or minority JV s with retail banking generally quickly profitable Use of common reportings, KPI and governance principles for Risk Management both at local level and at head office level only with different IT Tools and environments Standardization & Globalization of support functions at a worldwide level (Finance, Risk) or Regional Level (HR, IT) While more space to be left to local CEO s for entrepreneurial spirit and business development with the exchange of best practices and products between the business units.

13 1000% FOCUS ON THE LOW PART OF THE MATRIX 13 POS: Point of Sales DS: Direct Sales CL: Car Loans SELECTIVE INVESTMENTS (Rather Greenfields) EMERGING LEADERS (Acquisitions and greenfields) y/y Production Growth 100% 20% 10% India (DS) Turkey Slovakia Croatia Kazakhstan Egypt Vietnam Romania Greece Bulgary Algeria Portugal Brazil (CL) France (DS) Serbia India (CL) Brazil (POS,DS) Czech Republic RussiaLatvia France (CL) Hungary Germany (CL) Italy France (POS) Germany (POS, DS) Morocco EXISTING SUBSIDIARIES IN MATURE MARKETS CASH COWS 1% 1% 8% 10% 100% Gross Interest Margin (incl. Insurances)

14 A FEW PRELIMINARY FEEDBACKS FROM RECENT EXPERIENCE EXISTING SUBSIDIARIES IN MATURE MARKETS Keeping the same business model despite declining margins is often riskier than shifting/adjusting product mix and distribution channel Better to capture market share to competition rather than to create marginal additional indebtness Convergence between Mortgage loan & Consumer Credit towards a more integrated Personal Finance Business Line CASH COWS Work for the future, expecting tougher market conditions Client value enhancement through cross selling of credit & insurance products Leverage existing production capabilities and platforms with servicing and JV s agreements 14 COMMON FINDINGS Improve Operational Efficiency among Priorities of CEOs Client satisfaction and quality enhancement by STP Reduce response time for both clients and partners (acceptance, customer service, credit rescheduling) Enhance productivity (by mutualisation or outsourcing when possible)

15 Thank you. 2008

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