Two sources familiar with the matter were quoted by the Financial Times as saying that the latest move is part of the French lender’s strategy to strengthen its balance sheet to achieve the required growth momentum.
The sources said that the lookout is in its preliminary stage and the proposed deal will strengthen its position in Russia and Romania, where the bank has already strong presence, while offering access to other nations.
Declining to comment directly on the plan, SocGen chief executive Frédéric Oudéa told the news agency, "Our growth plan will be organic, definitely."
In May 2013, the bank was mulling over elimination of nearly 1000 jobs across its global operations, after its net profits fell by 50% to €364m during the first quarter of 2013.
Managing operating in 76 nations, Société Générale serves nearly 32 million customers globally on a daily basis and offers advice and services to individual, corporate and institutional customers in retail banking and corporate and investment banking.
