Societe Generale Saudi Arabia, a subsidiary of Societe Generale, announces it has been granted a licence by the Capital Market Authority (CMA) of the Kingdom of Saudi Arabia allowing the bank to develop its investment banking activities in the Kingdom.
The subsidiary, headed by Gerard de la Riviere, will initially focus on the development of corporate and investment banking activities. Gerard de la Riviere reports to the Chairman of SGSAR, Eric Wormser, Group Chief Officer for the Middle East.
From a regulatory standpoint, this license allows the subsidiary to deal with all instruments defined by the CMA as securities, which comprise all capital markets products.
This represents an important step in Societe Generale's expansion in the Gulf Cooperation Council (GCC) region and underscores its strong commitment to the Kingdom and the region as a whole. Saudi Arabia represents more than 50% of the GCC economy while housing many large corporates and financial institutions to which the bank anticipates to offer adapted advisory and financing solutions.
Established in the region since 1997, Societe Generale is active in the GCC countries. This new step will enable the bank to leverage its presence and accompany the development of its regional and international clients.
Drawing on Societe Generale Group extensive banking heritage of over 140 years, international presence in 83 countries, and geographic and business diversification; Societe Generale Saudi Arabia is in a solid position to offer world class award winning financial products and services to clients in the Kingdom of Saudi Arabia.
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Societe Generale
Societe Generale is one of the largest European financial services groups. Based on a diversified universal banking model, the Group combines financial solidity with a strategy of sustainable growth, and aims to be the reference for relationship banking, recognised on its markets, close to clients, chosen for the quality and commitment of its teams.
Its 157,000 employees* based in 85 countries accompany more than 33 million clients throughout the world on a daily basis. Societe Generale' teams offer advice and services to individual, corporate and institutional customers in three core businesses:
- Retail banking in France with the Societe Generale branch network, Credit du Nord and Boursorama
- International retail banking, with a presence in Central and Eastern Europe and Russia, in the Mediterranean basin, in Sub-Saharan Africa, in Asia and in the French Overseas Territories
- Corporate and investment banking with a global expertise in investment banking, financing and global markets.
Societe Generale is also a significant player in specialised financing and insurance, private banking, asset management and securities services.
Societe Generale is included in the international socially-responsible investment indices: FTSE4good and ASPI. www.societegenerale.com
Press Contacts :
Saphia Gaouaoui
Saphia.gaouaoui@sgcib.com
+33 1 58 98 03 60
Wael Samad
+966 1 215 2211
Wael.samad@wm-mena.com
* including employees of Société Marseillaise de Crédit acquired in September 2010 by Crédit du Nord
© Press Release 2011
