Société Générale Private Bank has set up a new executive committee as part of its two-stage growth strategy, Ambition 2015, aimed at almost doubling assets under management to €150bn in the next five years.
Société Générale Private Bank’s global chief executive Daniel Truchi will lead the six member supervisory committee that will direct the bank’s strategy and global development.
A spokesman for the bank confirmed Truchi’s role would remain unchanged, with the advisory board adding more structure support to the global chief.
Truchi outlines Ambition 2015 targets
Speaking to PBI in September last year, Truchi said Société Générale’s growth will happen in two phases: 2010-2012 and 2012-2015 – using largely organic methods, although Truchi did not rule out growth by acquisition.
“It is not a number that has been plucked out of our hat,” Truchi said in regards to how the France-based bank plans to grow its private bank assets by almost €70bn ($97.5bn) in five years.
“It is a very carefully designed business plan. It comes from beefing up our operational platforms, beefing up our product branch, developing our marketing skills and targeting ultra high net worth individuals,” he says.
Balancing out geographic responsibility
Four committee members will be responsible for supervising operations in the bank’s key private banking regions.
- Yves Thieffry, deputy chief executive of Société Générale Private Banking, will supervise the activities of the private bank in Switzerland, Luxembourg, Monaco and the Middle East;
- Patrick Folléa, chief executive of Société Générale Private Banking France, will also supervise the activities in Belgium;
- Eric Barnett, chief executive of Société Générale Private Banking Hambros, will supervise the activities of the private bank in the UK, Canada and the United States;
- Bruno Lèbre, global head of investment solutions, will supervise the activities in Asia (Singapore, Hong Kong, mainland China and Japan).
The final committee position – global head of sales and marketing – is to be filled in the next few weeks, the bank said.
Société Générale’s private banking unit has 2,800 staff in 21 countries.