SocGen Wins License To Offer Yuan-Based Services In China - Report

Vanessa Doctor

15 September 2009

Societe Generale (China) will soon be offering structured deposits and wealth management services to high net worth Chinese clients after Chinese regulators granted it a general permit to offer yuan-denominated retail services, according to The Wall Street Journal.

Speaking at a company event yesterday, SG China's managing director and head of commercial and personal banking Pierre Bonzom reportedly said that the new services will be made available once the French bank's new branches receive yuan retail licenses from local regulators.

Currently, the bank has branches in Beijing, Shanghai, Guangzhou, Tianjin, and Wuhan.