French bank's show of confidence
SOCIETE Generale opened a second Shanghai branch yesterday as it signaled its commitment and confidence in the city which plans to become a global financial center.
France's second-largest bank's expansion in China has gained momentum since it opened the first branch in Beijing last November. It has seven branches nationwide so far and aims to create a network of 50 outlets.
"We hope our network can cover all major cities in China," said Jackson Cheung, chief executive officer of Societe Generale (China) Ltd. "We also hope to bring our expertise to help Shanghai achieve its goal to be a global financial center."
Societe Generale opened its first outlet in Shanghai in April. Beijing and Shanghai are the only two cities on Chinese mainland with two Societe Generale's branches each.
Societe Generale (China) Ltd, the locally incorporated subsidiary of the French banking giant, was set up in September 2008 in Beijing with a registered capital of 4 billion yuan (US$586 million). It expects to be profitable in two to three years.
The Chinese market is strategically important for Societe Generale at a time when the global financial crisis is eating into the profits of many banks. In the second quarter, the French bank posted a net profit of 309 million euros (US$445 million), down from 644 million euros a year ago.
China's banking regulator approved in August Societe Generale's application to offer retail yuan services.
France's second-largest bank's expansion in China has gained momentum since it opened the first branch in Beijing last November. It has seven branches nationwide so far and aims to create a network of 50 outlets.
"We hope our network can cover all major cities in China," said Jackson Cheung, chief executive officer of Societe Generale (China) Ltd. "We also hope to bring our expertise to help Shanghai achieve its goal to be a global financial center."
Societe Generale opened its first outlet in Shanghai in April. Beijing and Shanghai are the only two cities on Chinese mainland with two Societe Generale's branches each.
Societe Generale (China) Ltd, the locally incorporated subsidiary of the French banking giant, was set up in September 2008 in Beijing with a registered capital of 4 billion yuan (US$586 million). It expects to be profitable in two to three years.
The Chinese market is strategically important for Societe Generale at a time when the global financial crisis is eating into the profits of many banks. In the second quarter, the French bank posted a net profit of 309 million euros (US$445 million), down from 644 million euros a year ago.
China's banking regulator approved in August Societe Generale's application to offer retail yuan services.
- About Us
- |
- Terms of Use
- |
-
RSS
- |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔$粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.