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Societe Generale Private Banking Hambros SOCIETE GENERALE PRIVATE BANKING HAMBROS SPRING/SUMMER 2016 – N°9 James Welling – Choreograph, 2014-2015, Ink jet print, 160x107cm. New acquisition 02 02 04 04 06 06 08 ECONOMICECONOMIC OUTLOOK OUTLOOK EXPERTISE EXPERTISE PORTRAIT PORTRAITPRIVATE BANKING OIL, AOIL, DIFFERENT A DIFFERENT HEDGE FUNDSHEDGE FUNDS IGNACE IGNACEOUR REGIONAL ENVIRONMENTENVIRONMENTA TIME OF RENEWALA TIME OF RENEWALVAN DOORSELAEREVAN DOORSELAEREEXPANSION CEO, VAN DE VELDE CEO, VAN DE VELDE WE ARE PROUD SPONSOR OF THE V&A’S MAJOR EXHIBITION BOTTICELLI REIMAGINED MARCH 5 – JULY 3, 2016 VICTORIA AND ALBERT MUSEUM, LONDON SOCIETEGENERALE.CO.UK Societe Generale is a French credit institution (Bank) authorised and supervised by the European Central Bank (ECB) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR) (the French Prudential Control and Resolution Authority) and regulated by the Autorité des marchés financiers (the French financial markets regulator) (AMF). Societe Generale, London Branch is authorised by the ECB, the ACPR and the Prudential Regulation Authority (PRA) and subject to limited regulation by the Financial Conduct Authority (FCA) and the PRA. Details about the extent of our authorisation, supervision and regulation by the above mentioned authorities are available from us on request. FFGROUP © MICHEL LABELLE ANDY PARADISE ‘PARADISE T/AS PHOTO’ WelcomeA RENOVATED to the EUROPEAN Spring issue ORGANISATION of La Lettre. The transformation of private banks is gaining pace under the impulse of regulatory changes,The transformation the revolution of private in information banks istechnologies gaining pace and under changes the impulsein behaviour. These upheavalsof regulatory changes, are often the presented revolution as in constraints, information but technologies we see them and as changes an excellent inopportunity behaviour. to These review upheavals our strategy are and often our presented organisation, as constraints,to make them but more we efficientsee themand offer as an a better excellent quality opportunity of service. to review our strategy and our organisation, Forto make three them years more we have efficient been andsignificantly offer a better strengthening quality of our service. Western European platform by recruiting over 30% more private bankers, wealth planners and Forinvestment three years advisors. we have This beengrowth significantly is particularly strengthening strong in France, our Western where we European launched platformour “New byPrivate recruiting Bank” over at the 30% beginning more private of 2014, bankers, but also wealth in the Unitedplanners Kingdom. and Ininvestment March we advisors. signed the This purchase growth agreement is particularly to acquire strong 100% in France, of Kleinwort where Bensonwe in thelaunched UK andour the“New Channel Private Islands. Bank” Subjectat the beginning to regulatory of 2014, approvals, and in Kleinwort the United Benson willKingdom be acquired (the acquisition and eventually of Kleinwort combined Benson’s with Societe private Generale banking Private activities Banking are Hambrosunderway, (SGPB subject Hambros), to regulatory the Group’s approvals, private as bankingthis document business goes in the to UKprint). and Our growthChannel Islands, is also to visiblecreate onein the of modernisationthe leading private of our banks tools in andthe UKthe market. renovation ofThis acquisition our premises: will in Londonbring together and Geneva, two of the for instance, most recognised the design names of inour private new Legal Representative officesbanking, demonstrates with shared values our desire and a to shared be faithful heritage to our in the heritage UK and as Channel well as Islands Frédéric Oudéa, Chief Executive Officer resolutelyestablished forward-looking. through their deep-rooted history here. It will enable us to leverage Publication manager on the expertise and strengths of the teams from each business to better serve Nicolas Cagi Nicolau Head of Commercial and Marketing our clients through the creation of a distinctive industry leader in wealth Societe Generale Private Banking We are extending this growth momentum to Central Europe and North Africa Design management. WE ARE PROUD SPONSOR OF Studio Graphique Societe Generale by setting up innovative partnerships with Societe Generale group’s Production/distribution Our growth is also visible in the modernisation of our tools and the renovation THE V&A’S MAJOR EXHIBITION SG publishing services international network. We are thus able to offer private banking services in of our premises: in London and Geneva, for instance, the design of our new offices Publication date and legal deposit the Czech Republic, Croatia and Morocco. Similar initiatives are being April 2016 demonstrates our desire to be faithful to our heritage as well as being resolutely BOTTICELLI REIMAGINED Publication distributed free of charge considered in a number of other countries, which should lead to new openings forward-looking. Copyright Societe Generale group 2016. in the next few years. All rights reserved. MARCH 5 – JULY 3, 2016 We are extending this growth momentum to Central Europe and North Africa by setting up innovative partnerships with Societe Generale group’s international VICTORIA AND ALBERT MUSEUM, LONDON Few private banks can boast such a comprehensive and integrated European network. We are thus able to offer private banking services in the Czech Republic, organisation. At a time of banking union, Societe Generale Private Banking, SOCIETEGENERALE.CO.UK Croatia and Morocco. Similar initiatives are being considered in a number of other with its renovated platform, offers the best of two worlds: the strength countries, which should lead to new openings in the next few years. of Societe Generale group and the foothold of a local bank. Few private banks have such a comprehensive and integrated European organisation. At a time of banking union, Societe Generale Private Banking, with its renovated platform, offers the best of two worlds: the strength of Societe Generale group and the foothold of a local bank. Discover the digital version ERIC BARNETT Discoverof La Lettre the fordigital your computer, version of La Lettre CHIEF EXECUTIVE OFFICER for your computer,smartphone or tablet: smartphone or tablet: JEAN-FRANÇOIS MAZAUD Societe Generale is a French credit institution (Bank) authorised and supervised by the European Central Bank (ECB) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR) privatebanking.societegenerale.comprivatebanking.societegenerale.com/hambros HEADSOCIETE OF GENERALESOCIETE GENERALE PRIVATE BANKINGPRIVATE BANKING HAMBROS (the French Prudential Control and Resolution Authority) and regulated by the Autorité des marchés financiers (the French financial markets regulator) (AMF). Societe Generale, London Branch is authorised by the ECB, the ACPR and the Prudential Regulation Authority (PRA) and subject to limited regulation by the Financial Conduct Authority (FCA) and the PRA. Details about the extent of our authorisation, supervision and regulation by the above mentioned authorities are available from us on request. FFGROUP SPRING/SUMMER 2016 I N°9 I LALETTRE I 01 ECONOMIC OUTLOOK I OIL OIL Not so long ago, the prospect of reaching “peak oil” - a production level beyond which the volume of oil produced would decline irretrievably – justified an increasing trend in the price of oil, or at least explained why it would remain at high levels. Some analysts even © ZHU DIFENG – FOTOLIA © DR mentioned the possibility that a barrel of XAVIER DENIS oil would reach 200 USD. This will not STRATEGIST happen: the oil glut seems to open the way to durably cheap oil. A BALANCE MODIFIED BY NEW SOURCES OF SUPPLY Supply shock OPEC’s2 reduced weight After the shale gas revolution, since 2010 the United States In addition to the United States, other non-OPEC countries has been through the shale oil revolution. Since this date, such as Russia and Canada have increased their US production has jumped from 5 million1 barrels a day to production during the past years, bringing OPEC’s relative more than 9 million, thanks to the drilling of weight down to one third of global crude oil production, non-conventional oil fields. These new fields now represent and, with it, its capacity to influence prices. Furthermore, 55% of US oil production and drastically reduce the need the organisation’s member countries have been finding it for imports. Imports have thus decreased since 2010 from difficult these last few years to align their interests, nearly 10 billion barrels a day to slightly more than reducing OPEC’s strength. Certain countries are more or 7 million1, a dramatically reduced outlet for the global oil less dependent on oil to finance their public expenditure. supply. Furthermore, US congress has just repealed a Venezuela, for instance, is on the verge of bankruptcy while 40-year-old law that prohibited the export of crude oil. Saudi Arabia still has substantial financial reserves. The impact of this measure on the world market balance is nevertheless marginal. 1 Source: Bloomberg, US Department of Energy 2 The 12 OPEC member countries are: Saudi Arabia, Iran, Iraq, Kuwait, Venezuela, Qatar, Libya, United Arab Emirates, Algeria, Nigeria, Angola and Ecuador. 3 Source: Bloomberg, IMF. 02 I LALETTRE I N°9 I SPRING/SUMMER 2016 A DIFFERENT ENVIRONMENT Oil-consumption is still increasing Global demand for oil is nevertheless still increasing, unlike the fall observed in 2008-2009 during the great recession.
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