Societe Generale backing away from Indian operations
By Joseph Samson
Jun 2, 2011
Print    Email    RSS   

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.


(Comments Posted : 0) Post Your Comments
Show All Comments
 Select a product:

 Select a product:

Top up loans: toppings on your home loan
How to increase one’s Home Loan Eligibility
Home Loan or Own Funds: A Classic Dilemma
Bankers concerned on RBI loan recovery...
Hybrid loans – are they beneficial?

PINJORE: CaℒL Giℛℒs In PiNjOrE 09915787550...
PINJORE: CaℒL Giℛℒ In PiNjOrE 09915787550...
how to gate my home loan certificate

Canara Bank earned a profit of 60%. Feb 6, 2015
New Branch of Laxmi Vilas bank at Vijayawada Jan 30, 2015
Home loan EMIs expected to drop down Jan 21, 2015
Corporation Bank received MSME banking excellence award 2014 Jan 19, 2015
Home loan rates set to fall, after reduction in repo rate Jan 16, 2015
News Archive