Societe Generale Private Banking (SGPB) has
temporarily suspended its services to clients resident
in India as part of a review of its Indian business.
“It is a review of the business and the way
the bank is doing business with resident Indians. SGPB is not
closing its Indian private banking operations as was suggested in
Indian media reports,” a SGPB spokesman said.
Go deeper with GlobalData
The spokesman said the bank could re-activate
its suspended services in India at any time.
Non-Resident Indian services
unaffected
SGPB could not give any further details of
what would be addressed in the review or a timeline for its
completion.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe private bank’s services to Non-Resident
Indians (NRIs) remains unaffected.
The spokesman said SGPB still has a strong
commitment to Asia and NRIs through its international network in
Dubai, London, Hong Kong and Singapore.
Tough market for foreign
banks
India, with the second-highest ultra high net
worth population in Asia and a burgeoning middle class, is one of
the world’s most exciting wealth management markets.
Yet practical concerns mean it remains one of
the hardest to break into for foreign firms.
Setting up greenfield operations can
be particularly problematic because of the difficulty of
differentiating in a market which still has a fairly limited
product range available to onshore clients.
