News: French financial services provider Société Générale has engaged the services of Irish technology services company Accenture, according to Finextra. The engagement sees Accenture work on the transformation of the bank's securities-focused back-office infrastructure. The transformation will make use of Accenture's Post-Trade Processing technology. The project comes as part of Accenture's effort to boost its competitiveness, while improving its ability to adapt to shifting regulatory burdens.
BMI View: The outlook for France's banking sector remains relatively downbeat, although tail-risks have declined substantially over the last 24 months, and large French banks have substantially improved their balance sheets. While loan growth is comparably better than peripheral European states, overall demand for credit is likely to remain hampered by subdued economic activity. Nevertheless, following an extensive programme of cost cutting, French banks have now positioned themselves on a more sustainable footing, with subdued earnings likely to improve slightly in 2014.