Societe Generale Equipment Finance proves its resilience in 2009
In 2009, the leasing market fell by 35% in the equipment leasing sector, according to Leaseurope estimates. In this context, Societe Generale Equipment Finance gained market shares and succeeded in offsetting the adverse consequences of the economic slowdown and the growing rate of defaults, by offering new services to its clients and improving operational efficiency.
Societe Generale Equipment Finance originated new business worth 8.5 billion € in 2009 which is well spread across a wide range of products. The volume of managed assets had grown to over 23 billion € by the end of 2009. Thanks to the sustained development of our Vendor business, new key Vendor partnerships and the robust growth of our activity in emerging countries like Brazil and China, we have proved our resilience in a changing economic environment. And our latest acquisition, PEMA, offers our clients a great opportunity to gain flexibility and reduce fixed costs in a still fragile economic recovery.
In a context of scarce funding, our position as a subsidiary of Société Générale Group is giving us a clear competitive advantage. Société Générale bank ranks 10th in Europe in terms of market capitalisation as of December 31st 2009, posted a Net Income of 0.68 billion € for the financial year 2009 with a solid Tier One Ratio (Basel II) of 10.7% and Core Tier One of 8.4%. Société Générale is one of the market's leading providers of specialised financial services. It has established specialised financial services in 47 countries worldwide - with a workforce of about 30 000 people. As a core business of Société Générale, Societe Generale Equipment Finance benefits from the Group's support to implement its strategy and support its customers.
In a year 2010 with little visibility, we will continue to demonstrate that our business model can prosper even in difficult economic conditions. We will continue to focus on our vendors and clients, develop our core business and assets and provide value-added services.
More information in the brochure "Societe Generale Equipment Finance at a glance 2009"