Investment strategy

Societe Generale Private Banking

Investment Strategy Newsletter

August / September 2010

Editorial

The public debt crisis in Europe has had repercussions on the banking system, reminding us that emerging from a financial crisis is not the same as emerging from a run-of-the-mill recession. The process, which is necessarily long and delicate, requires the consolidation of the situation regarding banks. The publication of stress tests carried out by the banking supervisory authorities in Europe has provided the necessary clarity to find a panacea where it is required. The longevity and solidity of the recovery depend on the banks’ capacity to lend to the rest of the economy. We wager that this effort by European countries to be more transparent will provide a renewed source of confidence for the markets.

Xavier Denis, Strategist - Economist For further information on Societe Generale Private Banking's investment strategy, please download the attached pdf file.