| GESOP 2009: results of the 22nd capital increase reserved for employees |
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04/08/2009 15:24 (108 Day 10:57 minutes ago) | |||||
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The FINANCIAL -- Tbilisi, Georgia (Via finchannel.com), Once again this year, Société Générale Group gave its employees the right to purchase shares in the company at favourable terms.
In 2009, this employee share ownership scheme was made available to 14 new subsidiaries or entities in the Group within the scope of the Global Employee Share Ownership Plan. As a result, the number of eligible current and former employees now stands at 145,000, including 74,000 in France.
Shares were offered at the price of €27.09. The capital increase took place from 15 to 29 May 2009 and enabled Group employees to subscribe to 1.74% of the share capital.
In all, 59,000 employees and former employees in 62 countries took part in the plan, for a total subscription of €291 million. In France, nearly three out of four Société Générale employees (73%) decided to subscribe to the reserved capital increase this year. This subscription rate demonstrates employees’ confidence in the company's strategy.
More than 82,000 employees and former employees around the world are now Société Générale shareholders, holding 8.2% of the capital*.
* 4th highest shareholding percentage among CAC 40 companies (ranking based on figures published by IAS® on 19 June 2009 and taking into account the 22nd reserved capital increase for current and former Group employees)
Under GESOP Bank Republic provides opportunity to its employees to subscribe to SG shares with preferential conditions and also provides with matching contribution. 17 employees became shareholders; in total 577 shares were acquired by the staff.
Bank Republic is a leading commercial bank with rapid expansion of operations in Retail and Financial Services in Georgia. Employing more than 1000 staff, serving its clients through 45 branches and service centers.
Bank Republic owns 8.6% market share in deposits and 7.6% in loans. Bank Republic’s average return on equity is 3%. In 2007, its assets increased by 42%.
On 29th of September 2006 Bank Republic entered into agreement with Société Générale Group and EBRD on purchasing 60% and 10% of shares of BR respectively.
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