SocGen gearing up for NBFC launch

To grow pvt banking biz

The French giant joins a host of foreign majors such as HSBC and Deutsche whose NBFCs are also on the anvil. Societe Generale got FIPB approval for its NBFC launch in the country in October last.
"The NBFC will be a wholly-owned subsidiary," Kunnambath said, adding that the group has earmarked an USD 50 million investment for the venture.

The NBFC would help Societe Generale offer a wider portfolio of products to its rapidly-growing customer base in India, he said.

"Wealth management and portfolio management are two which come immediately to mind," Kunnambath said. Buoyant on its private banking business, Societe Generale, active in this space here since late-2004, is aiming for an over 40 per cent growth in the next two to three years.

"We have been growing at over 40 per cent and are confident of maintaining this growth," Kunnambath said, adding that "with this kind of growth, the Indian private banking business would emerge as one of the top-five performers for Societe Generale in Asia within the next two to three years."