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Societe Generale vs BPCE (Natixis)

Side-by-side credit pricing comparison from Pillar 3 disclosures.

Last updated: March 2026 · Data source: public Pillar 3 disclosures
Verdict:

On a representative BBB+ EUR 25M 5-year term loan, Societe Generale is the cheaper lender by 6bp in minimum spread. For a EUR 25M facility, that's EUR 16,130 per year.

Bank profiles compared

Metric Societe Generale
France		 BPCE (Natixis)
France
IRB approachMixedMixed
Cost-to-income63.6%68.0%
Effective tax rate20.1%25.0%
Avg corporate PD3.21%4.29%
Avg LGD unsecured34.8%34.0%
Avg LGD secured20.9%25.0%
Funding spread (bp)20bp15bp
Corporate EADEUR 176bnEUR 161bn

Sample RAROC: BBB+ EUR 25M 5Y term loan

Both banks priced on the exact same deal — 150bp spread, 20bp commitment fee, 60-month maturity. Higher RAROC means the bank earns more from this deal. Lower min-spread means the borrower gets a better rate.

Component Societe Generale BPCE (Natixis)
Annual revenueEUR 385,000EUR 385,000
Operating costEUR 154,000EUR 154,000
Expected lossEUR 28,750EUR 28,750
Capital required (FPE)EUR 2,451,320EUR 2,451,320
RAROC (after tax)7.31%7.31%
Min spread for 12% RAROC246bp252bp
This is just one sample deal.

Your actual portfolio has different ratings, sizes, maturities, and collateral. The cheapest bank for one deal isn't always cheapest for another. Upload your real facilities and OpenRAROC will run the same calculation on each, against Societe Generale, BPCE (Natixis), and 57 other banks.

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FAQ: Societe Generale vs BPCE (Natixis)

Which bank is cheaper on corporate credit: Societe Generale or BPCE (Natixis)?
On a BBB+ EUR 25M 5-year term loan, Societe Generale requires a minimum spread of 246bp to reach a 12% RAROC hurdle, versus 252bp at the other bank — a difference of 6bp on the same deal.
How do Societe Generale and BPCE (Natixis) compare on corporate PD?
Societe Generale reports an EAD-weighted corporate PD of 3.21%, while BPCE (Natixis) reports 4.29%. The gap reflects differences in obligor mix and geography rather than underwriting quality.
How do the two banks differ on IRB approach?
Societe Generale uses Mixed and BPCE (Natixis) uses Mixed. The IRB approach determines whether internal LGD models or supervisory LGDs apply, which materially affects capital required on every corporate facility.
What deal is used in this comparison?
A single standardised facility: BBB+ rated, EUR 25M drawn on a EUR 30M commitment, 5-year tenor, 150bp spread, 20bp commitment fee. Both banks are priced on this exact deal using their own disclosed Pillar 3 parameters.