Societe Generale — with offices in Beijing, Shanghai, Guangzhou, Tianjin And Wuhan — Looks To Expand Private Banking Services In Fast-Growing Market
The Wall Street Journal reports today that Societe Generale (China) Ltd., the locally incorporated unit of Societe Generale SA, has received permission from China’s banking regulator to offer yuan-denominated retail services in the country. This could have major implications on foreign investment in China, as it simultaneously boosts the growing global influence of the Chinese yuan:
Societe Generale (China) will begin to offer these services once its branches receive yuan retail licenses from local bank regulators in Beijing, Shanghai and Guangzhou, Pierre Bonzom, managing director and head of commercial and personal banking for the French bank’s China unit, said in a statement Tuesday.
He made the comments at an event celebrating the first-year anniversary of Societe Generale (China). China’s banking regulations require foreign banks to be locally incorporated before they can conduct yuan retail businesses.
The yuan retail license will help Societe Generale (China) to expand its existing private banking services, said Hsiao-Yun Lee, head of private banking for China.
She said Societe Generale will be able to offer structured deposit services or tailor-made wealth management services for its high-end clients.