Frederic Blanc: The worst is over!

In an interview for weekly Monitor, Chief Executive Officer, General Director and Director of Societe Generale Bank, Mr. Frédéric Blanc said that the banking sector had a good performance in 2015 and Societe Generale Bank had a successful year. “We have increased significantly our loan portfolio for individuals and corporations as well as our market share reaching to 8% of the market in terms of loans. We have also been very active in increasing our client base and activity in general. Our loan portfolio quality has a high standard while NPLs are at the low point of 8.5%” he said. “My expectations for Societe Generale include a better performance this year, an increase of loan portfolio and profitability. We are at the right path and are very optimistic. The banking sector in general has been able to stay strong regardless of economy hardships. I think the worst is over and the banking sector will be stronger in the years to come” he added. In terms of non performing loans, Blanc said that Societe Generale’s strategy is to continue and support Albania’s economy through crediting although lending criteria are not eased, the loan portfolio quality will be the same. He argued that crediting in the banking sector  will be eased slightly this year. Blanc also identified some of the banking sector’s challenges in short and medium term. “Increase in non bank competition, expectations of customers for better e-services, efficient operational models altogether require more investments in the banking sector and a progressive adaption of the traditional business model” he concluded.