Societe Generale is hoping to emerge as a major private banking and investment group in India in the next three to five years, after having only a minority presence in the past, according to an article from the Business Standard.

The publication quoted SG Private Banking global chief executive officer Daniel Truchi to have said at a recent media briefing that the company intends to add Pune to its roster of branches in the country, which already include Bangalore, Delhi, and Mumbai. The bank also reportedly plans to offer private banking and investment services to non-resident Indians who wish to bring their money to the country through its offices in Dubai, Hong Kong, Singapore, and the UK.

The news service also quoted SocGen deputy CEO Severin Cabannes as having said that India is a key element in its growth plan for the next three to five years, along with China and Brazil.

The bank has recently secured a non-banking finance company licence for the Reserve Bank of India, which enables it to offer lending services to local clients. Meanwhile, its application to offer portfolio management is still under review.

So far, SocGen has a joint venture deal with Indiabulls for life insurance and a partnership with the State Bank of India through the purchase of a 37 per cent stake in SBI Funds Management in 2004. SBI is expected to begin providing fund administration and custody services by year end.