Ladies and gentlemen, shareholders, Good afternoon. The pandemic has led us to organize this meeting without your actual presence. We do hope that we will meet you at the next opportunity. You have nevertheless received all useful As you know, The only decision impacted by this crisis relates to dividend. You know why The European Central Bank relayed government's convictions and strongly recommended that banks Before 30 September, the Board of Directors did not decide after that date to pay out any interim dividend or any exceptional dividend.
A decision will be taken after the results for the first half have been published, taken Based on the decisions to be made by the European Central Bank in autumn, you sent in written questions By electronic means included, and many of you voted because we have reached the quorum of 62.7 percent, a record. It is now time to open up this general meeting held at first notice According to the official gazette, and that was made on the 15th April 2020, the general meeting, the joint general meeting can therefore be duly held. During this meeting, As usual, we will address the result that will be done by Leonid de Bo, Director General. And we'll talk about strategy with Frederic Oudia. We'll speak about corporate governance and compensation With Jean Bernard Levy, the Chairman of the Compensation Committee and myself and Will de Haft to vote on The resolutions, Philippe Emery will also present how the group in France has managed to has been able to manage its branches and customer relations during this very difficult period.
We'll also Answer for 5 written questions. All written questions and the answers will be available on the website for this general meeting. We will also answer the different issues addressed to us after the survey Carried that with you. They are clear and The 4 general managers are present since Denis Lebow in charge of Risk Finance and Compliance Philippe Emerick in charge of Retail Banking in France And technological innovation and IT as well as group resources. Kavan in charge of supervising large customer relations And Large Investor, Anne Philipp Hain, in charge of International Retail Banking, Financial Services and Insurance.
The members of the Board We're all called upon by phone or via the Internet to attend. We now form the bureau for our general meeting and were appointed as for TELUS, the 2 shareholders Who accepted and who have per indem the largest number of votes per se or through representatives, The Societe Generale Fund represented by Mr. Harry Bruce, Chairman of the Supervisory Board and Mr. Bernard Sasse As second of the meeting, we should appoint Patrick Sue, General Secretary of the Board of Directors. Let me point out that as needs be, Given the technical constraints linked to this lockdown, the Board has decided that Frederic Modier may act as Chairman For the smooth running of this meeting, the statutory auditors were convened according to law and recognitions I'm referring to Mr.
Michel Messertelian Representing Ernst Young and others and Mr. Jean Marc Maicleer, Representing Deloitte and Partners. I hold at your disposal on the Bureau of our meeting. There are usual documents listed up here. Let me add that the documents, information to be given according to law, The list is also stated here.
We're regularly put online on Societe Generale's website and were sent To the shareholders, then we're kept at the disposal of the shareholders at our headquarters each year. Our Discussions are broadcast live on the Internet and may be viewed on our website. You can also follow them over the phone. As each year no, I'm sorry. Before giving the floor to general management, I would like to send out several messages directly on my behalf.
First of all, ladies and gentlemen, I wish you the best possible health in the face of this unprecedented pandemic since 1 century now. To group employees and general management, I'd like to express our gratitude for the professionalism that they showed throughout this crisis. You should know that our number one concern was the safety of each and every one of you and your good health. To our clients, I'd like to express our total commitment to support them throughout the crisis. Lastly, Once we are back to a good health situation, our activity will no longer be the same.
The context will be different Because states expect of banks not only to drive funding, but also to be active in Promoting a recovery, the different players will have to review the rules and we'll have to define a new model So that in January based on what has been adopted in January 2020, I'm referring to the need to build together with our customers a brighter, sustainable future, Providing Responsible and Innovative Financial Solutions. To begin this general meeting, I will give the floor first all to Jenny Lupo to present the results for 2019 And for the Q1 of this year, over to you. Ladies and gentlemen, dear shareholders, in the particular context Describe our Chairman of an unprecedented crisis, let me present the results for 2019. In 2019, the group continued its transformation with great determination and posted results in line with the objectives it had set for 2019. The assessment is characterized by strengthening of the group's equity and its financial strength, which are essential elements in light of the COVID-nineteen crisis we are facing.
As you know, the FERC's effect marked the results for the Q1 2020, which I will come back to later on, of course. But to begin with, in 2019, while the environment remained unfavorable Both on interest rates and on the financial markets, we managed to achieve all the objectives we have set ourselves, both financial and extra financial results for 2019 reflect the good commercial dynamics of the business lines Under strict cost discipline and our good risk control, we have continued to refocus our activities in our areas of strength, applied great discipline in terms of organic growth and implemented the announced restructuring of some of our capital market activities. These actions have enabled us to strengthen our shareholders' equity, resulting in a significant improvement in our solvency ratio, which rose from 10.9% at the end of 2018 to 12.7% at the end of 2019. This was our number one priority. Our capital and liquidity ratios as a whole are well above regulatory requirements.
The actions carried out in all our businesses have improved the group's profitability. Net banking income of the business lines were resilient in 2019 at EUR 24,800,000,000, down slightly by 0.8%, thus illustrating the good performance of all our business lines. In 2019, we continued to implement our savings plans, which amounted to approximately €1,600,000,000 and which led to a decrease in our underlying operating expenses of nearly 1%. Nevertheless, we continue to invest in digitizing our businesses so as to improve the customer experience and optimize our operating model. The cost of risk remained very low at 25 basis points at the lower end of the range announced to the market.
This reflects the great discipline in our origination and risk management that has been applied for several years now, resulting in a High quality and diversified loan portfolio. The underlying net income group share reached €4,100,000,000 First of all, retail packing in France to our 3 banners, Societe Generale, Credit Dunard and Boursorama. This year saw the continuation of our conquest of all our target customer bases. Our online bank, Bursarama, continued its strong growth of more than 500,000 new customers, enabling it to reach its target of 2,000,000 customers 1 year ahead of schedule. Volumes also grew with outstanding loans to individuals and corporates up by 7% And the medium term loans to companies up by 6.8%.
Lastly, we continue to transform our networks By streamlining our branch network in France and digitizing for a better customer experience And an optimized operating model. In terms of financial performance, we achieved objectives we have set for ourselves. Revenues grew in 2019 by 0.3%, although the interest market margin remained under pressure Due to low interest rates, operating expenses were kept under control and decreased increased slightly to 1.3%. Fresh Retail Banking's return on equity rose to 11.1% versus 10.9% in 2018. Now International Retail Banking and Financial Services.
First of all, in International Retail Banking, the commercial momentum has remained very sturdy this year in all parts of the world where we operate: Western Europe, Czech Republic, Romania, Russia and Africa. Outstanding loans increased by between 6% and 9% and outstanding deposits by between 2% 13%. In Financial Services, Insurance had an excellent year with growth in life insurance outstandings of more than 8% combined with an increase in the unit linked rate by nearly 3 points in our Corporate Financial Services businesses, Business was also very buoyant with a 2.5% increase in equipment financing outstandings and a 6% growth in the fleet of Our vehicle leasing business, ALD, against this backdrop, revenues from retail banking and international financial services grew by 4.6% At constant scope and exchange rates and as in 2018, operating leverage is positive with costs up by 4.3% after restatement of exceptional items, provisions for restructuring and asset tax in Romania. The level of return on equity allocated to these businesses is high at 17.9%. Finally, let me come back to the performance of the Large Clients Investor Solutions Bank in 2019 relaunched and successfully carried out a major restructuring of our activities.
In particular, we closed certain market activities such as the Principal commodities business and proprietary trading activities that were housed in our subsidiary, Decard Trading, And we reduced the capital allocated to the least profitable market activities. The other activities of the Corporate Investor Solutions division And our Asset Management and Private Banking businesses saw their revenues grow by 1%, excluding the disposal of our Private Banking activities in Belgium. In all, netbacking income were down slightly by 1.6% compared to 2018 and up 1% excluding discontinued and divested activities. Excluding restructuring costs, operating Expenses were down 2.5 percent year on year, reflecting the effects of the additional €500,000,000 cost cutting plan Initiated and fully secured in 2019, underlying profitability remained resilient at 7.4% versus 7.8% in 2018. Let me dwell for a moment on our extra financial results.
We have continued to strengthen in 2019 the group's commitments, enabling us to be recognized as a leading bank And the MSCI rating agency also upgraded our rating to AA. Indeed, we are one of the first banks to sign the United Nations Principles for Responsible Banking, and We strengthened our commitment to benefit the energy transition. Let us now turn on the financial strength of our group and the creation shareholder value. As you can see, shareholders' equity group share continued to grow in 2019 by 4% and by more than 15% as compared to 2014 at €63,500,000,000 at the end of 2019. Tangible net asset value per share at €55,600,000 at the end of 2019 are up by more than 12% Compared to 2014, as we indicated in the press release on the 31st March last, We canceled the dividend that you wanted to propose to the vote at this general meeting in accordance with the recommendations of the European Central Bank Not to pay a dividend before October.
Frederic Oudier will come back to this important decision. To conclude, I would like to come back to the results for the Q1 of 2020, which, as you know, were marked by the first effects of the unprecedented health crisis We are currently experiencing, on one hand, our retail banking, corporate finance, corporate financial services, insurance And fleet management activities were resilient over the quarter, at a good start in January February. On the other hand, our capital markets activities were fully impacted by extremely difficult conditions on the financial markets From the second half of March, particularly in Equity Markets, revenues from our structured products business were down sharply due in particular to market dislocation and the cancellation of dividends by many companies and financial institutions in Europe. As a result, the group's revenues were down by 16.5% in this first quarter. Underlying operating expenses continued to decline at minus 3.6% compared to the Q1 of 2019.
We announced additional cost saving measures for 2020 between €600,000,000 €700,000,000 The cost of risk increased to 65 basis points, reflecting the first effects of the crisis. In conclusion, the efforts made in 2019 will enable us to tackle this crisis with a strengthened financial strength of our group with a solvency ratio of 12.6%, Meaning nearly 3 50 basis points above regulatory requirements and a solid liquidity position. Thank you for your attention. And then I give the floor to Jean Marc Michellet who will speak on behalf of the auditors. Thank you.
Ladies and gentlemen, shareholders, let me first of all summarize our audit report in the consolidated financial statements on Pages 42 to 46 Of your notice of meeting and the one on the annual financial statements from pages 47 to 50.
Ladies and gentlemen, dear shareholders, good afternoon. First of all, I hope that you are Doing well and that yourself and your families have not been affected by COVID-nineteen. I'm sure that we will remember This general assembly that we have held that we're holding, sorry, today with no one in the room today. A meeting such as this one is an opportunity to look back on the year Let's just come by and vote on a number of resolutions. But today, we will also be talking about the crisis that we are going through And what will happen next?
This crisis is the end of a 10 year growth cycle since the Financial crisis. I'd like to go back quickly to the year 2019. You heard about Tony Leboeau, who gave you the commercial and financial results of our different business lines, and I will not go over that. Again, 2019 It was a year marked by progress during which we showed our quick Ability to adapt. And I think that we've reached all the objectives that we set ourselves in the area of strategy, finance and extra finance objectives.
We have also continued to refocus our business portfolio in our areas of expertise where we have critical mass And synergies within the group, this refocusing along with a great deal of discipline has allowed us to increase significantly our equity level, which was our number one priority as Jonny mentioned earlier. Our results have also captured a disciplined management of costs and risks, management of risks based on the quality of our portfolio. And we've adapted our business lines when it was necessary, especially in market activities and in retail banking in France. And we've done also a lot of progress in the remediation programs, and we have met the Very stringent deadlines that were set for us. We are going to continue with these programs that are staggered For most of them, all the way until the end of 2021.
Through all of these efforts, we will reinforce the group In the area of risk management by upholding the highest compliance standards, we've also delivered on our CSR Objectives. For example, we are 1 year early on our objective of funding the energy transition to the tune of €100,000,000,000 So on our positioning on the structure of our balance sheet, we are entering into this new unknown period, this new unknown crisis. This crisis has been around since early March and it has had an impact on our bottom line like for many other companies. And it has had consequences for you shareholders as was mentioned earlier. For example, the suspension of the dividend For 2019, I know that you are both disappointed and frustrated by this.
In spite of the fact, of course, That the 2019 results were good enough to provision for €2.2 Per share, the ECB in March required banks to suspend the payments Of dividends, until we have more clarity on the crisis to protect capital ratios. So in light of all this uncertainty and to be as careful as possible, we have followed this recommendation As has done the overwhelming majority of European banks, our decision is therefore not unique. We will see a few quarters down the line where we stand and if we can pay these dividends at the end of the year, which is of course what I hope to do. 2nd consequence is a significant drop of the share price It's been the case for most European banks. We have a 50% drop, but it's more significant for us, especially since we posted our results for the Q1.
Our current valuation is Way off our equity and the intrinsic value of our assets. Generally Speaking. The share price of European Banks has have dropped because of the economic circumstances, but also because of the visibility and stability of the regulatory environment. For the forthcoming quarters, we're going to work hard So that the market can change its perspective on our financial trajectory. And along with our peers, we need to convince our supervisors as to the necessity to clarify the regulatory Framework to try and join more investors.
Of course, I'm not happy about the current situation. Our priority is to take the necessary steps quarter after quarter to adapt To the new context brought about by the COVID-nineteen crisis. The current crisis is unprecedented in terms of scope. It is an economic and a health crisis. Whole segments of the economy have shut down because of the lockdown.
There is a loss of uncertainty for future quarters with risks of a second wave of contamination and the different scenarios for economic activity that capture recession between 7% and 13% for the more developed economies. These estimations go way further Then what we lift through in 2,008 and 2009, and it will have consequences In the long run, Joni Lobot talked about the results for the Q1 of 2020. I'd like to go back to that very quickly. They are somewhat disappointing, but they do capture very different circumstances depending on the METI that you look at. Whether it's market activities or investment solutions, we're going to take the necessary steps to improve these results.
As Jonny said earlier, our other business lines Are delivering resilient performance in spite of the first impacts of the crisis, and we are confident in their ability to weather the next few quarters. There will be an increase in the risk of cost, but we will try and mitigate as much as possible the effects of that on our net income. But this does not challenge in any way the financial situation and the robustness of the group. Our balance sheet is very strong, and that is crucial for the future and for us to bounce back. Overall, I would like to say That we will be able
to weather this crisis As we have been
able to do over the last 150 years, and we need to get to work immediately On our trajectory for the next few years. At the beginning of the year, we coined our raison d'etre and we heard it Earlier from the President so that it would give meaning to our actions and guide our choices for the future And set out what we have in mind when we come to the office every day. In other words, it's about building A better world with our clients for a better and more sustainable future by being both responsible And innovative. Since the beginning of the crisis, banks have been on the frontline along with States and central banks to act as shock absorbers for our clients. In these unprecedented circumstances, We fully embody our raison d'etre.
We demonstrate what responsible finance is all about. Three quick examples. First of all, we operate in a way to protect the health of our clients and Our employees, this has always been and will remain our number one priority. I would also like thank all of our teams across the world because their dedication is outstanding. Thanks to the commitment of our employees and the quality of our technological platforms, we have Smoothly transitioned to new ways of working with tens of thousands of people working from home across the globe.
And the bank is operating very smoothly for all of its clients across the whole planet. We have also maintained our branches. They remain open. And Philippe And then Riches will be talking about the French network in a minute. I would also like to pay tribute To our 5 colleagues who unfortunately have died of COVID-nineteen, we have Sorry, of course, their families are in affords, and we also have a fort for all of our Colleagues who are still recovering from COVID-nineteen.
We are here to guide our clients with our own resources, but also by deploying the different government programs. Banks and the financial system We're the starting point of the 2,008 crisis. But today, we are an important link in the chain that can bring about solutions for the economy and help companies navigate these difficult times and save As much capacity production capacity and as much jobs as possible all over the world, We are taking the necessary steps to help our clients, and we are deploying with great Commitment, the government programs. Philippe Emerich, in that regard, will be talking about the government backed loans In France, for the Societe Generale, we received more than 70,000 requests for some 17.4 €1,000,000,000 worth of loans. During this crisis, we are standing by our clients, And we are reinforcing our relationship with them in spite of these difficult times.
Today, more than ever before, we must act As a responsible economic agent, this is why we have a global solidarity program We have a budget that could reach up to €50,000,000 This budget Support health care workers, researchers and to pay for emergency help In certain countries, my colleagues and myself have decided to pay Into this plan, and we've told the Board of Directors that we will give up half of our variable share That will be given to us in 2020. Like all larger French banks, we have decided not To opt for partial unemployment, so it's not to be too much of a burden on the state's budget and to allow the state to help sectors that are more harshly affected. In that way, I believe that we've played a ambitious CSR road map. Now for the longer run, we are already Starting to work on our 2021, 2025 strategic plan in an environment that will be very different to that that we were used to. All over the world, we are going to be operating in fragile Economic situations with more instability from a social and political point So what will this world look like?
I think that we need to be humble. The crisis is not over, So we mustn't be too hasty. But I do nonetheless believe that there will be some clear evolutions. First of all, We will need to protect our clients and to advise them even more when it comes to their savings. Secondly, we will have to continue to guide companies, 1st of all, so that they can beef up their financial structure, but also optimize Their need for funding and financing.
We will have learned also new ways of consuming, especially for banking services and new ways of working with digital tools. Now I'm sure That there will be some sorry, I'm sure that some obstacles have been lifted in some economic areas. And millions Of our citizens and friends and colleagues have discovered home working. So in these Unique circumstances, I believe that we will also see public opinion requesting more From companies from a CSR point of view, so we're going to adapt and adjust our company to this new post Crisis world. There will be more risk out there but also more opportunities.
We have many assets that we can rely on. 1st of all, we have a business model that is well balanced with retail banking and Global Banking branches that are working very well. And we also have very innovative models such as Borsellorama, for example, or our automobile fleet management business line that is very relevant in current times. Secondly, when it comes to loyalty and trust, this is very important in the long run when it comes to our relationship with our clients. And this is why we stand out because our clients trust us.
Secondly, we also stand out because of our presence in some areas that A great promise for the future and for our future developments such, for example, as our presence in Africa. We also have a strong culture of responsibility, of innovation and expertise. We also rely on high end technology equipment that came in very handy during this crisis, and we also have a strong Financial structure. We need, of course, to draw all the necessary lessons from that crisis, look at how client Behaviors are going to change in the future. We need to seize this opportunity to change our ways of working inside Societe Generale by being disruptive and innovative to get that competitive edge and build our business.
And like for previous years, we will have to be very careful when it come to both costs, risks and also financial resources in an environment where there will be more constraints than ever before. We have therefore Decided to focus on the post crisis period. We're going to be champions in the area of customer satisfaction.
So you must Capitalize on investment when it comes to digital transformation. Secondly, you must clarify Our actions in Responsible Banking to contribute towards an efficient and fair Role in Investment Banking and being a responsible employer. Let me remind you that we took very clear commitments When it comes to exiting coal, and we will define pathways in all of our loan portfolios In line with the Paris agreement, and that will mean a gradual reduction in absolute value Our commitments in Oil and Gas as of 2021. Lastly, the 3rd area to improve operational efficiency, to reduce costs as well as to have a more efficient and simpler organization and processes. We will share this new plan with you in 2021, giving us time to fully integrate the impacts of this Exceptional crisis in our strategic and financial roadmap.
To conclude, the European Banking Sector affects the general activities. But your company, in which you're a strong shareholder, has resources And the ability to overcome crises, to react moving forward to build the future, rest reassured that all our teams And your general management team are deploying an unlimited energy to serve our clients and to deserve the trust Thank you, Frederic. Ladies and gentlemen, shareholders, we'll now move on to the part of our general meeting devoted to corporate governance. In the Universal Registration document, As of Page 20, it adds you saw the report on corporate governance. There you can read in detail the Board's management report, the reports of each committee As well as support related to the Chairman's activities, the Board has spent a lot of time in 2019 And to follow-up on the implementation of the strategic plan in the context of to select favorable than expected.
It redefined the financial targets. It approved risk appetite and the road map for capital. The board also followed the express it Could all risks of all sorts, including social and environmental risks, it approved The declaration of extra financial performance. In accordance with the pact law in France, the Board approved The reason for being, Resound Debtra for our bank and Frederic Odea just pointed out the terms thereof in his strategic presentation. In 2019, as each year, the Board has received the representatives of the European Central Bank acting as bank supervisors.
The Board also appointed once again these company directors, and Corporate Governance Committee on Succession Plans. You will find the Universal Registration document On Page 91, in particular, the summary of the assessment of the work carried out by the Board of Directors. This assessment was carried out by an independent consultant. It is positive both in terms of its composition and the quality of our work. The work conducted by the Board of Directors was largely fueled by the work done by the committees.
I'd like to stress in particular the quality and the density of work carried out by the Risk Committee and the Audit Committee And Audit and Control, Internal Control Committee. Let me remind you that the Risk Committee is specifically responsible for supervising risk linked activities in the United States. We also improved training given to the members of the Board In certain complex matters such as accounting rules as well as on technological issues such as cybersecurity and artificial intelligence in particular. With respect to my personal role, I actively took part in contacts with regulators and met shareholders and international investors, more particularly Within the framework of the preparatory work for this general meeting, this year, 2 terms of office will expire. On the proposal of the compensations committee and the nominations committee, the Board proposes the following: 1st of all, the renewal of Juan Maria Ningenova for a second term of office.
Juan Maria Nganova is a member of the Risk Committee and the Compensation Committee. He has a great experience in banking, more particularly, he is the Head of 1 of the largest retail banks in Spain. Secondly, the appointment of Madame Annette Mestomer. She will be replacing Madame Nathalie Rush, who has come to the end of our 3rd term and she Chaired with efficiency and competence, the Risk Committee since 2015. She's also a member of the nominations committee.
We must thank her for her commitment, her knowledge of the bank, her experience of financial markets. She played a key role Over the past years, chairing the U. S. Risk Committee as well. Thank you, Nathalie.
Annette Messemer Also has a great experience in banking and financial markets in at Commerzbank in particular. She will bring an incomparable knowledge of the German bank where the bank operates significantly, especially in financial services. I propose you should now listen to her presentation. Ladies and gentlemen and shareholders. Thank you, Annette.
Let me point out that she has a lot of experience as well In France, where she did her studies, and she's now an independent director at Estillor. And if you look at her profile on Google, she'll be joining the risk committee. And if you appoint her, She will be called upon to enter the Risk Committee and the Audit and Internal Control Committee. If you accept this proposal, the Board We remain perfectly balanced when it comes to gender equality. These two propositions Fully are in line with the guidelines set by the board when it comes to its composition.
These two propositions confirm the board's collective competence in all areas. In terms of the its needs for Diversity. You have the map of skills That you may consult later on. If you adopt the resolution proposed, the board will therefore have 14 members with 2 employee representatives and 11 independent directors. Let me point out that in 2021, in Pursuant to the Pact Law, the Board of Directors will have one additional Board member representing shareholding employees.
And this is one of the amendments to the articles that will be proposed Thank you for your attention. I'll now begin the floor now to Jean Bernard Levy, who is the Chairman of the Compensation Committee. [SPEAKER UNIDENTIFIED COMPANY REPRESENTATIVE:] Ladies and gentlemen, as pointed out that The COVID-nineteen crisis had a significant impact on retail banking in France. From the start of the crisis, We set 2 objectives: to protect our clients and employees and to ensure business continuity And to be present with our clients, the first step consisted in activated our crisis management units in our banks, CUSTES DE General, Creditunort and Bussorama. And at Soge Gap, our insurance company, They had exchanges every day to coordinate their initiatives and to share best practices.
At the start of March, Actions were on setting up improved hygiene measures. In addition to setting up Social Distantiation Measures, we were racing against the clock to Our stock of FFP and surgical masks to healthcare workers, this act of civism and solidarity was evident for us. We then adapted the mechanism to operate with smaller teams Because we were impacted by the pandemic directly, up to 800 cases were sustained or suspected 90% of branches at Societe Generale and Credit Duna were opened and We're open to the public on appointment. There were disparities between regions, the Large East Sectors and Ile de France were more impacted than others. Back offices were carried out vital and critical activities, especially With respect to payments, thanks to the activation of all levers working in shifts or extended working hours, Remote working, the same applies to our telephone platforms, enabling us to keep close contact with our customers.
Lastly, our applications and Internet websites played the role. We therefore noted an increase in the number of users showing that this crisis was an accelerator in enabling our customers to take ownership of these digital channels. Against this backdrop, Richard mentioned the sharp rise in our ability to work remotely by deploying over 3,000 laptops And multiplying by 5 remote connection capabilities under good conditions with respect to Keeping operational risks under control, thanks to this adjusted mechanism, we are able to take actions by our customers' sites. That was indispensable because the lockdown had a brutal impact on their activities. Private individuals reduced their operations and transactions after a peak on 17th March.
They came less to branches and Within this context of lockdown, we noted a decline in loan applications And the volume of payments and monetics, up to minus 60% for payment by cards and minus 70% For cash payments at the height of the crisis, there are 2 significant exceptions to be stressed, nevertheless. On the one hand, Customers of our Wabtec customers remained active and called upon our bankers to a large extent. Also, our stock market transactions remained strong. In March April, we saw record years for Bouserama in terms of the number of accounts opened multiplied by 5 as compared to 2019 And the number of orders passed multiplied by 4, busorama.com in April was the 3rd ranking Website in France in terms of number of persons on the website. At the same time, business grew with our Customers, Corporates and Companies.
As of March, Societe Generale and Credit D'enhor paid great attention to the situation out there About the corporates, especially in sectors that are the most impacted, catering, the hostel business, transportation And then the branch managers were numerous and intense. Great attention was paid to cash management to us to ensure the payment of salaries and suppliers. Societe Generale and Credit Dunard were there for very much at the initiative in terms of actions taken for these categories. We delayed by 6 months the payment deadlines for a total of €1,800,000,000 To lower the initial shock of the drop in revenue, as of the 25th March, our teams proposed to our customers The state backed loans we received on the 18th May, 17,000 applications for €17,400,000,000 that's considerable. Over €17,000,000,000 in 6 weeks, Of which more than €10,000,000,000 loans pre granted to be compared to €12,000,000,000 I must also share with you a message from a customer which summarizes well what we have heard from many.
I quote, The state backed loan funds are on our account. Good news That we need to manage the stress caused by this virus. So we're feeling better, thanks to you, and we Thank you for this. We continue to work with the public authorities and our counterparts With the situation of sectors that were largely impacted and on solving the Tough situations facing companies. On top of these initiatives, we're looking towards the end of the crisis already.
For the end of the lockdown, we are continuing to associate precaution and pragmatism, opening up our branches with regulatory power to be done gradually depending on the local situations. We must also bring about the commercial recovery, Especially as recently, we have seen positive signs with more requests being made for appointments at Appointments at Societe Generale and Cadenor, 40,000 new customers at both Cerama And a sharp increase in the use of payment means, as was facilitated by the increase from €30,000,000 to €50,000,000 to remote sales and new offerings. Let's reassure their shareholders that we will continue To support our customers as best we can and to play a role with energy and pride with respect to the economy for our country,
Ladies and gentlemen, we are now going to move on to the written Questions as it was mentioned earlier, all the questions and answers are already available on the Societe We have received questions from 13 shareholders and 5 of them will be answered in this general assembly. The first one is a question from the Forum For responsible investment, you can have the whole question or rather the whole answer On the website, but Frederic Oudia is going to sum up the answer on the bulk of the question. So it's a 2 part question. First of all, You're asking for the list of our activities that are not compliant with the Paris agreement and what steps are going to be undertaken to withdraw from them in 2021. Well, in 2019, we published our first TCFD Task Force on Climate Related Financial Disclosures.
In this report, we identified the sectors that are the most exposed to transition risks that make up 23% of our corporate loan portfolio. For most of these sectors, climate related issues are both a risk and an opportunity. The group built in 2019 a vulnerability indicator so as to carry out a more robust Credit analysis. We've also reviewed coal investment, maritime transport, and we've got an exclusion policy for fossil fuels. These steps will be carried over in 2020.
In 2019, Societe Generale selected the sustainable development scenario from the International Energy Agency. 2nd part of the question, how Is your CapEx aligned with a scenario as per the Paris agreement? As soon as 2015, Societe Generale decided to build methodologies so as to align our business With the Paris agreement in 2016, we developed a first methodology, and we have and then we set ourselves objective for The coal sector. And then in 2018, we signed the Cata Vicce Commitments jointly with 4 other international banks. This agreement is about having shared methodology and open source tools to measure our progress towards the objectives enshrined in that agreement.
We also have some practical steps with a time line So that we can align all of our business with the Paris agreement, for example, aligning sectorial portfolios in the next 3 years helping our clients navigate the energy transition. And the working group that has been set up is working relentlessly on all of these issues. Thank you. The floor is now to Jonny Lobot to answer 2 questions from the Charity Ami Plater on gas and coal. I guess the first question It's about our exposure, our financing of shale, Gas and Oil.
And the question is, are you going to take into account the risks that such Investments represent and are you going to divest from these sectors and the whole value chain? As Frederic ODDIA has just said, Societe Generale is one of the banks that has been committed for a long time Now to align their portfolio with the energy transition and with the Paris agreement. And more specifically, We are one of the very first banks to have signed the Cato Vite agreement in 2018 and also The principal charter for responsible banking in 2019. In 2020, we will be Talking more about the impact that it will have for the long term trajectory of credit portfolio and investment portfolio for oil and Shell Gas. But for the moment, we are relying on the sustainable Development scenario by the International Energy Agency.
And in that regard, North American shale gas is, in our eyes, a transition energy. Gas is more efficient than coal when it comes to producing electricity. And therefore, in some countries, it is a transition towards a low carbon economy. Societe Generale, of course, gears all of these investments to CSR commitments and Is constantly bolstering up its standards and pushing standards? Second question from Ami Delaterre on our investments in coal And our commitment to align ourselves with best practices when it comes to financing coal related activities.
There again, Frederic Coudilla mentioned earlier The Societe Generale for quite a few years now has been setting itself objectives to reduce The share of coal and thermal coal in our portfolio, we set an objective in 2015 that we have overshot by quite some distance. The objective was to limit 19% of coal in the energy mix refinance, and right now, we are at 11.5 percent. So we are way ahead of our target.
At the
same date, our energy mix for financing electricity is made up of 51% of renewable energies. We have committed to exiting totally coal by 2,030 for Europe and OECD Countries And 2,040 for the rest of the world. Our strategy for coal and oil is Regularly updated. I'm now going to hand over the floor to Sylvain Caban, who is going to answer the 3rd Question from Les Amis de L'Auter. It's a question about Mozambique.
Well, thank you very much, Joni. The Shareholders, Societe Generale, has been asked to work on the Mozambique natural liquid gas For quite some time now. The operator Now Total since September, But previously, Anadarko Petroleum Corporation, we make sure that Total is now fully aware of the importance of environmental and social issues, and we push them to follow the more stringent Standards including the principles of the equator, the standards of performance of the World Bank and The shared approaches of the OECD in terms of social and environmental diligence. After a number of attacks from carried out by the insurgents in the region Of Cambo Delgado, a memorandum an MOU, sorry, was signed in 2019. And in this agreement Is enshrined the deployment of militaries to reinforce the security of that region, especially that of gas projects.
Therefore, there will be logistical support for transport, housing and feeding of these Military Forces. Total and the LNG project Fully subscribe to the principles of Security and Human Rights. Like any gas related project, we will be respecting our commitments in terms of environment and human rights and our fight against corruption. I would now like to answer another written question asked by Mr. Lalaino Raketomolalla About our activities.
For our market activities, what is the future For credit activities that have a subpar profitability rate for 20 20. Well, it's true that for these market activities for credit and loans, it has been quite tough so far in 2020, but it's not over. I'd just like to talk quickly about what these loan market activities are. First of all, there is the distribution of primary Emissions, so our clients who finance themselves, so debt capital market In short, 2nd kind of activity, market animation on debt instruments, A loan instruments and some derivative flows. This business of market animation is crucial so that we can maintain our relationship with investors and that we can continue to issue primary emissions when they are needed.
Now for the rest, we are fully aligned with the primary business that I mentioned earlier. Now for credit activity. The credit ETF, these trackers, these Instruments are developing very quickly. Investors have got a lot when we reinforced our banking activities. And fourthly, I'd like to talk about structured credit products, so investment products that we sell to our investors.
Our investor clients are interested in these products because they allow them to diversify their investments. In short, there are products that are bought by our clients. It's a security And it pays according to its exposure to risk. And it's precisely on that kind of activity The Q1 of 2020 was quite tough. These market activities as regards loans are very important when it comes To financing the economy.
Since the beginning of the COVID-nineteen crisis, we have helped companies So that they could refinance themselves on the debt market. We have helped some 75 clients who needed to refinance themselves On the debt market, Unedique was one of the largest players who issued €4,000,000,000 with a maturity running until 2026. So as you can see, these businesses, this kind of activity is very important. We're going to continue And it's true that we've suffered a lot in the Q1, but we're going to keep a close eye On the results and on the areas where we can improve. Now I'm going to hand over the floor to Philippe Heimer.
Thank you very much, Severin. We have a question here from the advisory shareholder committee. And the question is what is your development strategy for Africa? Quickly, I'd like to remind you what is important for us at Societe Generale in Africa. We've got 17 retail banks in Africa.
We've got a Bureau of Representation in South Africa and in Kenya. We've got 12 1,000 people working in Africa, 3,000,000 clients for retail banking. And over and beyond this overview for Africa, I'd I'd just like to say that Africa for Societe Generale is A long standing relationship with our first penetration in the continent through Morocco And with a lot of growth driven by the demographic dividend, The increase of credit, etcetera, etcetera. So the crisis has shown how resilient our setup in Africa is. We have been able to maintain All of our branches open for our clients.
We've also been able to continue advising companies in Africa. We've got regional directorates who help us oversee The network from West Africa, Morocco, Central Africa, etcetera. We also, during the crisis, were able to assess The quality of Societe Generale, we had an influx of deposits. We are considered as being a safe haven. So what is our strategy, sorry, for development in Africa?
Well, we're going to continue to be more attractive For Cantitinies in Africa, we're going to continue to tap the potential of retail banking In Africa, we serve, for example, a lot of people in the civil service in Africa and also wealthy individuals. We're going to work on attracting a new client base So that we are in good position for the future. And to conclude, I'd just like to say that over and beyond Our strategic objective to deliver for Africa, I'd like to say that given the fact that banking is so important In the area of development, we are going to be focusing specifically on Everything that is sustainable. And in fact, we've built a plan that fosters The positive and sustainable development of Africa, so support for infrastructure, energy and agriculture. For example, the dam of Nakeja in Cameroon, we also want to Boost financial inclusion with mobile banking, for example, but also supporting SMEs with the different bureaus that we've opened up in Africa.
So Africa is really crucial In the strategy of Societe Generale. Frederic Odenia. Now for the 5th question for Mr. Guillermo, A question about the profitability of the bank in the future. Well, thank you very much.
For quite A few years now, we've been working on improving the allocation of capital by investing in more profitable Projects and building synergies within the group. Against this backdrop, we have divested or interrupted the financing of some activities and investing in more profitable businesses. We are going to continue with this agile methodology. The group, Societe Generale, is very disciplined when it comes to cost Management and in fact, the overheads have dropped by 1% for 2019. In 2020, we want to continue on that same line with the saving plan that is Still underway.
Add to this the Additional saving plans of €600,000,000 to €700,000,000 Well, thank you very much For all of these answers, thank you Frederic, Dionis, Severin, Philippe, thank you so very much. I'd just like to remind you that all of these answers are available on the website of the Societe Generale. I hope The questions that we picked have answered your concerns. And I'd now like to move on to the votes on the different resolutions. And to that end, I'm going to hand over the floor to Patrick Sui.
Well, for each resolution, I will be reading out The whole resolution, you can find it in your notice. You can vote online by post. The deadline was 18th May 3 pm The results will be up on the screen for each Resolution. The call was reached and mentioned earlier, so I'm not going to go back to this, but we have 567,000,000, 385,068 Voting Rights Represented. We're now going to move on to the first Resolution.
The approval of consolidated accounts for financial year 2019. The resolution is adopted at 99.79%. 2nd resolution, approval Of annual accounts for financial year 2019, the result is adopted At 99.77 percent, 3rd resolution, allocation of 2019 Income, so no dividend. As per the ECB's recommendation, That was explained in detail by Frederic Oudea earlier. The result is 99.61 percent.
4th resolution approval of the statutory auditors report on regulated agreements. There were no new agreement. So the result is thus approved at 99.57%. 5th resolution compensation policy for the Chairman of the Board of Directors that remains unchanged. The result is Adopted 96.46 percent.
So 6th resolution, A conversation policy for the Chief Executive Officers I mean, the Deputy Chief Executive Officers remains unchanged and was outlined by Jean Bernard Levy earlier, the result is approved 97 0.3%. 7th resolution compensation policy for the directors, The global amount remain the same in the allocation key as well. The result is approved at 98.88%. 8th resolution, approval of the report on compensation for corporate offices. There again, it's a new Resolution.
Jean Bernard Levy presented the report earlier. The result is approved At 96.6 percent, 9th resolution approval of the compensation paid in 2019 or awarded for financial year 2019 to Mr. Lorenzo Binis Maggi. And That resolution has been approved, 96.31 percent. 10th resolution, Approval of the compensation paid in 2019 or awarded for financial year 2019 to Mr.
Frederic Oder that was outlined by Jean Bernard Olivier earlier, the result is adopted at 96.71%. 11th Resolution approval of the compensation paid in 2019 or awarded for financial year 2019 to Mr. Philippe Emerich, that resolution is Approved 96.81 percent, 12th, resolution, approval of the compensation paid in 2019 or awarded for financial Year 2019, Thomas. Severin Caban approved 96.7%. 13th, resolution, approval of the compensation paid in 2019 or awarded for financial year 2019 to Mr.
Philippe I'm approved 96.78 percent. 14th resolution approval of the compensation paid in 2019 or awarded for financial year 2019 to Ms. Dione Lobot, results approved 96.74 percent. 15th resolution advisory opinion on compensation paid in 2019 to regulated Persons. The budget is €417,500,000 And the result is approved 99.33%.
16th resolution, renewal of Mr. Juan Maria Nindgenova as Director for 4 year term of office. Result is approved 99.32%. 17th resolution appointment of Ms. Annette Messmer as Director for 4 year term office approved 99.19 percent.
18th resolution Authorization to buy back shares for 18 months within a limit of 5% Capital result approved 99.28%. Now we are moving on to the extraordinary part of the general Assembly 19th resolution, delegation of authority for capital increase with preemptive subscription rights maintain with a maximum of 33% of the capital for a period of 26 months. Result is Approved at 98.47 percent 20th resolution, delegation of authority for capital increase without Preemptive subscription rights with a maximum of 10% of capital and the result is approved At 92.69 percent, 21st resolution Authorization to proceed with a capital increase in order to remunerate contributions in kind, maximum 10% of the capital approved At 92.62 percent, 22nd resolution, authorization to proceed With a capital increase in the event of the issue of contingent convertible super subordinated balance with a maximum 10% of capital. That resolution is the same as for 2018, And it has been approved once again, 93.06%. 23rd resolution, authorization to proceed with a capital increase as part of the company or group employee Savings plan.
With a cap set at 1.5% of the capital, 26 months And with a write down of 20%, the result is approved At 98.96 percent. 24th resolution, reallocation of performance shares for regulated staff All considered as such, the cap is 1.2% of capital, including 0.1% for corporate offices. So the cap is slightly lower. It used to stand at 1.4%. And the result is approved at 90 7.3%.
25th resolution, allocation of free shares to employees who are neither regulated nor considered as such with a cap of 0.5% of the capital, a slightly lower cap. It used to be 0.6% Previously, the result is approved 99.15 percent. 26 resolution authorization to proceed with the cancellation of repurchased shares, limit 5% of capital. The result is proved 97.92 percent. 27th resolution Amendment to the requirements for exceeding statutory thresholds, alignment with rules applying to legal thresholds And a streamlining or simplification for thresholds to be Reported with threshold set at 1.5%, 3% and then in steps of 1% reporting time frame of 4 business days and that has been approved at 83.61 percent.
28th resolution, implementing the tax law in order to calculate Employee shareholder and that was approved 98.98 percent. 29th resolution Process for electing a director representing employee shareholder. That was covered earlier by Lorenzo earlier. It will increase the Board of Directors to the tune of 1 member in 2021. So the general meeting will have to choose this board member in 2021.
For the Modification of the statute. The result is approved 98.96 percent. 30th resolution of statutory amendment authorizing the Board of Directors to proceed via written consultation within the limits set by law. Result is approved 98.9%. 31st Resolution, Drafting Amendments applied to the bylaws And applying the pact law to the Board of Directors factoring in of social and environmental aspects of the company's business.
That has been approved at 99.03%. 32nd resolution Powers, 4 formalities results, 99.81%. And on that, I'd like to hand over the floor to the Director for the conclusion.
Merci, Patrick. Thank you, Patrick. Thank you, ladies and gentlemen, for your trust and congratulations To Paul Maria and Allet Mesmer, in particular, appointed directors, thank you for your trust. For 2020, the general meeting will be held on the 18th May. We hope That we'll be able to organize it under normal circumstances as in previous years.
I wish to all of you That in the coming weeks, you remain in good health. And I thank you once again