Société Générale (SocGen) Private Banking has
appointed Olivier Gougeon as chief executive for South Asia as it
looks to the region as a potential hotspot for expansion.
Gougeon, a veteran of SocGen with nearly two
decades of experience with the bank, will be responsible for
managing day-to-day operations of the Singapore office and pursuing
the growth strategy of the private bank in South Asia.
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He will do this alongside Alex Fung, chief
executive for Hong Kong and North Asia, and Patrick Dreyfuss,
regional chief operating officer.
Gougeon replaces Pierre-F. Baer, who will be
taking up a new role within the SocGen group, although the bank did
not disclose with what division.
The personnel move is part of SocGen’s focus
in the Asian wealth management industry where it intends to
continue expansion.
In July, SocGen hired Hsiao-Yun Lee as chief
executive of the bank’s private banking division in China.
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By GlobalDataResults
Net income at SocGen’s private banking unit
fell 63.5% to €23m ($30.4m) in the second quarter of fiscal 2010,
from €63m in the comparable period of 2009.
France’s second largest lender by market
capitalisation said the private banking division continues to see a
“gradual recovery” in earnings, despite an unfavourable market
environment.
The private banking unit’s assets under
management totalled €82.3bn at the end of June 2010, including an
inflow of €0.9bn in the second quarter of 2010.
