Societe Generale and Credit Agricole both saw strong private banking growth in the first nine months of 2005 as they gained more clients and...

Societe Generale and Credit Agricole both saw strong private banking growth in the first nine months of 2005 as they gained more clients and grew against the background of strong financial markets. Growth at Societe Generale was particularly noticeable, with operating income rising 51.9 per cent year-on-year in the third quarter of 2005 to €34 million ($39.8 million). Net new money inflows amounted to €1.7 billion for the quarter, compared with an inflow of €3.6 billion during the first half of 2005. Total assets under management amounted to €57.5 billion at the end of September 2005, compared with €48.7 billion a year earlier. Credit Agricole reported a 14 per cent rise in assets under management in the first nine months of 2005 to €77.4 billion. The Paris-based bank said most of the increase was due to preferential financial markets. No figures were released on Credit Agricole’s profits within its private banking operations.