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Societe Generale China To Offer Yuan-Denominated Retail Services

Societe Generale — with offices in Beijing, Shanghai, Guangzhou, Tianjin And Wuhan — Looks To Expand Private Banking Services In Fast-Growing Market

Societe General is looking to grow its private banking services in China

Societe General is looking to grow its private banking services in China

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.

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