Société Générale has confirmed for the first time that it is advising both Gaz de France (GdF) on its upcoming initial public offering, and Air France on its imminent privatisation.

The bank was notable for its absence from the list selected to advise the French Trésor following a global request for proposals for 13 companies in which the French state still holds a stake. However its role as adviser to both Air France and GdF will ensure that it racks up some lucrative fees in France's largest ever asset sale.