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Societe Generale is one of the leading European financial services groups and a major player in the economy for more than 160 years. It has supported 25 million clients every day with over 1.26 lakh staff in 65 countries. 

Founded in 1864, the Europe-based multinational financial services company provides a wide range of advisory services and tailored financial solutions. 

Following are the three banks in which Societe Generale invested on 23rd April, that is, on Tuesday via block deals. 

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Bandhan Bank Limited 

With a market cap of Rs. 29,609.6 crore, the share price of Bandhan Bank Limited moved up by 1.44 percent on BSE to Rs. 185.5, whereas its previous closing price was Rs. 182.85. 

According to the block deal data available in the NSE, the Societe Generale bought nearly 1.21 crore equity shares or 0.75 percent of paid-up equity in the lender amounting to Rs. 219.06 crore, at an average price of Rs. 180.8. 

However, UK-based hedge fund Marshall Wace Investment Strategies via multiple funds offloaded the same number of equity shares at an average price of Rs. 180.8. 

The company has delivered negative returns of about 15.8 percent returns in the last six months and nearly 17.7 percent in the last one year, whereas, so far in 2024, it has given around 24.7 percent of negative returns. 

The bank’s revenue from operations grew by around 22.5 percent from Rs. 3,808 crore in Q3 FY22-23 to Rs. 4,665 crore in Q3 FY23-24, accompanied by an increase in the net profit by 152 percent to Rs. 733 crore in Q3 FY23-24 from Rs. 291 crore in Q3 FY22-23. 

Incorporated in 2014, Bandhan Bank Limited is a commercial bank focused on serving underbanked and underpenetrated markets in India. 

The bank offers a wide range of banking products & services and asset & liability products and services designed for micro banking and general banking. 

Bank of Baroda 

With a market capitalisation of Rs. 1.34 lakh crore, the share price of Bank of Baroda increased by nearly 0.67 percent on Wednesday to Rs. 261.95,

compared to its previous closing price was Rs. 260.2. 

The Europe-based company purchased round 3.26 crore equity shares in the bank amounting to Rs. 852.8 crore via open market transactions, at an average target price of Rs. 261.3. 

However, Marshall Wace Investment Strategies via multiple funds sold the same number of equity shares at an average price of Rs. 261.3. 

The bank delivered positive returns of about 33.09 percent in the last six months, whereas nearly 40.8 percent in the last one year. So far in 2024, it has given positive returns of around 11 percent. 

In terms of financials, the revenue from operations grew by around 21 percent from Rs. 24,834 crore in Q3 FY22-23 to Rs. 30,042 crore in Q3 FY23-24, accompanied by an increase in the net profit by 10.5 percent to Rs. 4,356 crore in Q3 FY23-24 from Rs. 47,815 crore in Q3 FY22-23. 

The bank is engaged in providing a wide range of services including personal banking, corporate banking, international banking, small and medium enterprise (SME) banking, rural banking, non-resident Indian (NRI) services and treasury services. 

Canara Bank 

With a market cap of Rs. 1.08 lakh crore, the bank’s share price increased by nearly 0.68 percent on Wednesday to Rs. 605.65, compared to its previous closing price was Rs. 601.55 on BSE. 

Societe Generale has bought nearly 70.4 lakh equity shares in Canara Bank valued at Rs. 422.3 crore, at an average price of Rs. 599.8. 

However, Marshall Wace Investment Strategies through Eureka Fund and Global Financial Market Neutral Fund sold the same number of equity shares at an average price of Rs. 599.8. 

The bank’s revenue from operations grew by around 26.3 percent from Rs. 22,561 crore in Q3 FY22-23 to Rs. 28,492 crore in Q3 FY23-24, accompanied by an increase in the net profit by 25.1 percent to Rs. 3,827 crore in Q3 FY23-24 from Rs. 3,058 crore in Q3 FY22-23. 

Founded in 1906, Canara Bank is a commercial bank providing personal banking services, such as savings, current and salary accounts, debit and credit cards, investment plans, and recurring deposits, among other banking and financial services.

Written by Shivani Singh

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