Societe Generale Private Banking Hambros (SGPB Hambros), the UK wealth management arm of SocGen, is planning to double its AuM in the next five years organically.
Eric Barnett, group CEO of SGPB Hambros, said: "We are focusing on the organic growth of the business in our core markets."
"In the last five years our growth, especially in the domestic market, has been exceptional," Barnett also told PBI.
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Despite not actively looking at acquisitions to expand further, Barnett said the bank is ‘open-minded if an opportunity presents itself.’
In the UK, SGPB Hambros is among one of the largest private banks following the same business models of rivals Coutts and Barclays. However, Barnett said the group has a distinctive feature. "We have no actual comparable competitors out there in the UK. This is because we are part of a big European player that gives us financial security."
Back in January this year, SGPB Hambros said it was bolstering its team by hiring nearly thirty new private bankers. According to Barnett, the group is now looking to increase this from 60 to 100, as part of its growth strategy.
SocGen private banking, present in over 14 countries globally with over 2,400 employees, has over 84.5 billion ($116.3 bn) of assets under management (AuM) as of the end of December 2013.
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By GlobalDataThis month, Societe Generale agreed to sell its private banking activities in Asia to Singapore giant DBS, representing a total of $12.6bn of AuM.
