Societe Generale (SocGen) is planning to expand its bond trading business in Asia and the US in an bid to strengthen its presence in the global market.
As part of the expansion, the bank is planning to add up to 150 staff to its 1,070-strong trading workforce in Asia and the US this year to expand its credit, rates and currencies business, according to FT report.
Additionally, SocGen is seeking to build up a leaner technological platform, hiring staff and taking market share from rivals.
This move comes after chairman and chief executive Frédéric Oudéa has strengthened SocGen’s balance sheet and funding structure.
In order to serve its clients globally, SocGen plans to focus on its fixed income growth on credit trading as well as its rates and currencies business in Asia and the US.
However, SocGen has been focusing on its investment banking division, at the end of last year with the acquisition of the half of derivatives broker Newedge and by selling its stake in the asset management business Amundi.