French bank to double its staff
By Zhang Fengming |
June 12, 2010, Saturday
|
Print Edition
Print Edition
FRENCH bank Societe Generale SA expects its Chinese staff to more than double in line with its plan to have 50 outlets in China, its China head said yesterday.
The bank is expected to have 1,000 to 2,000 staff by the time it deploys a bigger network of 50 outlets in "a couple of years" from the current 700 staff, Jackson Cheung, chief executive officer of Societe Generale (China) Ltd, said in Shanghai.
"We hope that we can grow faster as we see big potential in different service lines," he said. "The global financial crisis, along with other factors, has slowed our steps."
Societe Generale, France's second-biggest bank, has seven outlets in Shanghai, Beijing, Wuhan, Guangzhou and Tianjin.
It is preparing to open a branch in Hangzhou in the fourth quarter of this year.
Cheung said he is confident the bank will meet the regulatory maximum 75 percent loan-to-deposit ratio by the end of 2011. The bank's current loan to deposit ratio is above 100 percent.
The bank's housing loans have dropped sharply since May on the country's tightening measures announced in April.
"We have already tightened housing loans," he said. "We don't think it's an opportunity to expand home loans against the industry tightening."
The bank is expected to have 1,000 to 2,000 staff by the time it deploys a bigger network of 50 outlets in "a couple of years" from the current 700 staff, Jackson Cheung, chief executive officer of Societe Generale (China) Ltd, said in Shanghai.
"We hope that we can grow faster as we see big potential in different service lines," he said. "The global financial crisis, along with other factors, has slowed our steps."
Societe Generale, France's second-biggest bank, has seven outlets in Shanghai, Beijing, Wuhan, Guangzhou and Tianjin.
It is preparing to open a branch in Hangzhou in the fourth quarter of this year.
Cheung said he is confident the bank will meet the regulatory maximum 75 percent loan-to-deposit ratio by the end of 2011. The bank's current loan to deposit ratio is above 100 percent.
The bank's housing loans have dropped sharply since May on the country's tightening measures announced in April.
"We have already tightened housing loans," he said. "We don't think it's an opportunity to expand home loans against the industry tightening."
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