Société Générale: Oudéa will directly supervise risk control – Boursorama

PARIS (Reuters) – Societe Generale announced on Friday a reorganization of its general management with, among other things, the direct takeover by the managing director, Frédéric Oudéa, of the supervision of risk control and compliance.

This decision, explains the French bank, comes “following the completion of the remediation programs concerning the American legal proceedings”.

The group announced last week the final abandonment of legal proceedings relating to the agreements reached three years ago with the American authorities.

SocGen had agreed in 2018 to pay a total of nearly $ 2.7 billion (around 2.4 billion euros at the current rate) to the US Treasury as part of amicable agreements to settle investigations relating to suspicion of manipulation Libor rates, transactions with the Libyan sovereign wealth fund and alleged violations of US economic sanctions.

Diony Lebot, Deputy CEO who until now assumed responsibility for risk control and compliance, will now oversee all ESG policies and “their effective translation into the trajectories of businesses and functions”, specifies the group in a communicated.

It retains the supervision of the specialized financial services and insurance trades.

At the same time, Gaëlle Olivier, who until now headed the Asia-Pacific region, was appointed Deputy Managing Director.

(Written by Marc Angrand)