Major European lender Societe Generale is slowly and gradually phasing out its operations in India. The bank has already moved away from the joint venture it had in a life insurance venture with a big NBFC.
It is now also dropping the shutter on its private banking operations in India.
Majority of employees in its Indian operations have been shifted to its Singapore office.
Speaking on the issue, Balakrishnan Kunnambath, global market manager (Indian Subcontinent), Societe Generale Private Banking said the bank still "maintains its strong continuing commitment to Asia and will continue to serve and develop strong services to answer the international needs of the non-resident Indians through Societe Generale Private Banking's international network notably from locations in Dubai, London, Hong-Kong and Singapore."
The bank has also decided to transfer its stake worth 37% in SBI Mutual Fund to Amundi.