Societe Generale announced it has received license to operate in Australia. The bank had ceased its operations in the country several years ago. The bank said the Australian Prudential Regulation Authority has given permission for the bank as a foreign authorized deposit-taking institution. The French bank was one of the several foreign banks planning to enter Australia once again, as they bet on resources and infrastructure investment gathering pace at a time when local banks were distracted by a government inquiry following a string of scandals. The license allows Societe Generale to raise funds in Australia and lend to local companies directly rather than through its offshore operations
