Societe Generale reviews £100m media business

LONDON - The French bank Societe Generale is reviewing its estimated £100 million media planning and buying arrangements in Europe.

Société Générale…reviewing its media account
Société Générale…reviewing its media account

The business includes the UK, where the corporate and investment bank spends around £4 million. The Havas-owned MPG is the incumbent on SocGen's corporate and retail divisions in France; OMD handles international activities.

The Aegis-owned Carat, Publicis Groupe and the incumbents, MPG and Omnicom, have been shortlisted to pitch for the account.

The review will include media planning and buying for SocGen's retail business in France, its biggest market.

SocGen made a net profit of EUR2 billion last year, but reported pre-tax losses of EUR278 million in the first quarter of 2009.

In March, the US insurer AIG disclosed that SocGen received the largest payment – $11.9 billion – of all the European banks after AIG was bailed out by Washington.