SocGen targets Asian wealth management growth
The Asian private banking arm of Societe Generale is aiming to step up its expansion into the local wealth management markets of Japan, India and mainland China, after a fundamental revamp of its operation.
SG Private Banking has received a new Hong Kong banking license, and will have its own IT systems, marketing, human resources, custody and trade execution functions separate from the group's investment banking operation, the Financial Times reports.
Over the past 12 months, SG Private Banking Asia has hired 150 people, increasing its number of staff by 40%. However, analysts believe smaller groups are finding it difficult to expand because of a shortage of top private bankers in the region.
SG Private Banking will face regional competitors in the shape of BNP Paribas, UBS, Citigroup and HSBC, who have all gone for a piece of the fast growing Asian wealth management market.