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SocGen to expand private banking

Societe Generale has announced plans to expand its private bank in Europe, with executives at the firm revealing they are looking for growth in France, Luxembourg and the UK. 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. He indicated that SocGen hopes to add 160 more private bankers to its UK operation Hambros, with new recruits taking up roles in Luxembourg and in France also. SocGen is also reported to be 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

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