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Societe Generale applies for Australian license

Societe Generale has applied for an Australian banking license. The bank had earlier announced it is proposing restart its onshore lending business. The bank has earlier closed most of its business in Australia after it shifted its foreign exchange and commodities trading from Sydney to Hong Kong. It had also given up its local deposit-taking license. Societe Generale has been actively involved in the booming Australian renewable energy sector, though its lending to the projects has taken place from offshore centers such as Hong Kong.

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