New chief drafts plan to win back investor trust
Rules out transformational MA deal soon

PARIS, May 23 Reuters Slawomir Krupa has one clear mission when he takes over at Societe Generale on Tuesday remake France39;s thirdlargest lender as a toptier bank with a distinct identity.

The 48yearold, who has spent his whole career at SocGen, must perform a tricky balancing act, improving returns for shareholders without taking undue risk against a shaky backdrop for bank stocks.

It39;s very important to clarify things, where necessary, to all stakeholders and say That39;s what Societe Generale is, Krupa, who most recently headed SocGen39;s investment bank, told Reuters in an interview. He is due to lay out his plans for the bank by the autumn.

After a tumultuous 15 years under his predecessor, Frederic Oudea, who merged units, sold businesses including a costly Russia exit and cut risktaking, the bank39;s stock price is trading at just 30 of the book value of its business.

As a yardstick of investor support, that puts it on a par with Deutsche Bank but far behind its bigger French rival BNP Paribas and at the bottom end of European lenders.

Societe Generale39;s vulnerability was made clear earlier this year when its stock was among the hardest hit as investors sought safety following the collapses of Silicon Valley Bank and Credit Suisse. Those who appointed Krupa hope he can lead the bank out of this danger zone.

A person familiar with the decision by SocGen39;s…