0824 GMT - Societe Generale's car-leasing unit Ayvens could contribute nearly 1 billion euros to the bank's bottom line in the coming years, Jefferies says in a research note. "In addition to a further estimated 1 billion euro announced share buyback at Q3, investors can look forward to other catalysts and optionality," analysts Joseph Dickerson and Theo Massing write. The French bank owns 53% of Ayvens. Increased contribution to earnings could be reached through a combination of cost-to-income improvement and removal of minority shareholders should the bank want to fully purchase them, they say. While the purchase of minorities isn't in management's plan, the option is clearly in plain sight and could lift group return on tangible equity to 13% in 2027, they calculate. (elena.vardon@wsj.com)

(END) Dow Jones Newswires

September 02, 2025 04:39 ET (08:39 GMT)

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