Sees annual revenue growth of 02 up to 2026
First big markets test for CEO Krupa
Pledges to streamline portfolio of assets
Shares on track for biggest daily decline since March

LONDON, Sept 18 Reuters Societe Generale39;s shares plunged more than 6 on Monday after France39;s thirdbiggest listed bank said it expected little if any growth in annual sales over the coming years in a keenlyawaited strategic plan from its new CEO.

Slawomir Krupa took over in May, charged with reviving a bank that has slipped behind French leader BNP Paribas and some other European rivals amid a costly exit from Russia last year and concerns it is too reliant on volatile investment banking.

SocGen on Monday set a key profitability target return on tangible equity ROTE and its shareholder payout goal a shade below previous ones. And, while its cost cutting target was more ambitious, it saw annual revenue growth of just 02 from 202226.

We are negatively surprised by lack of revenue growth, increased capital target, payout ROTE cut, and by the lack of details, Jefferies analysts said in a note.

Krupa said he remained undeterred, when asked about the negative market reaction.

It39;s the right plan for the bank for decades to come, he told reporters.

He stressed that being credible and delivering on targets was key for him, after, he said, the bank had often failed to convince markets on that front.

SocGen39;s challenges highlight the predicament of French banks, which tend to…