Societe Generale Tops the AFE50 Rankings for 2021
Managing uncertain economic conditions while prioritizing CSR initiatives and sustainability, Alfa client Societe Generale has been named as the biggest asset finance company in Europe, for another consecutive year.
The Asset Finance Europe 50 (AFE50), sponsored by Alfa, provides insights into the European business equipment and car leasing industry, whose 50 largest members make up a community with lease receivables of €317 billion.
Despite the economic and personal challenges faced this year, the industry has continued to grow, as the leasing portfolio of the AFE50 grew by €5.4 billion.
For another consecutive year, Alfa client Societe Generale Equipment Finance has been ranked at the top of the AFE50. With annual growth of 5.4%, it has increased its market share from 11.6% in 2020 to 12.1% in 2021.
Societe Generale Equipment Finance CEO, Jochen Jehmlich, said, "For the past 18 months, we have been facing a challenging environment, with new rules, trends, and regulations impacting both our society and economy. At the beginning of the crisis, our priority was to immediately rethink and adapt our existing way of working for the health and safety of our staff."
Discussing SGEF's sustainability efforts, he said, "As a leading provider of asset finance solutions, we accompany vendors and customers on their way to reducing greenhouse gas emissions by focusing on external and internal improvements. Over the next decade, nearly every hard asset using energy in the economy needs to be replaced, which is a massive opportunity for our industry."
The AFE50 survey is based on the latest published financial accounts of listed companies, usually with December 2020 year-ends.
The top 10 European asset finance companies together delivered growth of €12 billion in the past year. Their success accounts for nearly 90% of the increases in receivables reported across the AFE50 in 2021.
The three largest auto captives have total receivables of €35 billion, as they encourage their customers to stay loyal and embrace new electric vehicle technology.
Reflecting on the challenges of the past year, Alfa CEO Andrew Denton said, "This report provides a snapshot of an industry that has faced profound change, as companies adapted to the pandemic while working to support customers facing unprecedented times.
"All companies in this report, including many powered by Alfa technology, deserve praise for their work in supporting economic recovery over the past year and in the future, as they play a fundamental role in building back better and creating a sustainable economy for future generations."
You can download the 2021 AFE50 report from the Asset Finance International website.