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Societe Generale to expand private banking operations in Europe

Societe Generale (SocGen) has announced plans to expand its private bank in Europe, with executives at the firm revealing they are looking for growth in France. 

Jean-Francois Mazaud, head of private banking at the firm, said the aim is to focus on markets where SocGen already has a sufficient market share in private banking, which includes France and French-speaking countries across Europe.

He went on to indicate that SocGen hopes to add 160 more private bankers to its operation, with new recruits taking up the roles in France.

The Financial Times has also reported that SocGen is expanding its bond trading business in a move to secure a stronger foothold around the world.

It is expected to add up to 150 staff to its 1,070-strong trading workforce in Asia and the US in a bid to build up its credit, rates and currency business.

Despite the aims in the US and Asia, SocGen is currently attempting to sell its private bank in Asia, a deal which is at an advanced stage with DBS Group, according to Reuters.

By Tony Aynsley