Societe Generale obtains Australian banking authorisation
The Australian Prudential Regulation Authority (APRA) has authorised Societe Generale as a foreign authorised deposit-taking institution (ADI).
This move would help the firm grow its global finance and coverage and investment banking operations across structured finance, with the expertise including energy, metals and mining and infrastructure financing as well as enhanced product and service offerings such as bond issuance, securitisation/ asset backed products and real estate finance.
The company also announced the appointment of Pascal Sefrin as its group country head for Australia and branch manager of Societe Generale Sydney branch.
In his new role, Sefrin would be reporting to Societe Generale’s chief executive for Asia Pacific Hikaru Ogata and would be responsible for developing Societe Generale’s franchise in Australia by leveraging existing financing and advisory activities and global markets solutions.
Societe Generale said it has been present and active in Australia since 1981 and provided financial advisory solutions, especially in the natural resources and infrastructure sectors, as well as global markets solutions.
“We are very pleased to become a foreign authorised deposit-taking institution in Australia. It better positions Societe Generale, not only in terms of supporting our Australian wholesale clients in their financing and advisory needs, but also by better serving our global clients who wish to access the Australian market with global banking services,” Ogata said.
Recommended for you
With HNW investors representing the largest market for alternative assets, Praemium and CoreData research underscores why this presents a compelling opportunity for advisers.
Having completed the successful integration of Diverger, Count has upgraded its forecast for expected synergy benefits achieved by the acquisition by a third.
Australia’s largest licensee has seen the biggest number of adviser losses over the past week, while the expected wave of new entrants has boosted overall adviser numbers.
Iress has increased its forecast adjusted EBITDA by $5 million for the 2023/24 financial year in light of the sale of its platform business to Praemium and hinted at a return to dividend payments.
