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  1. Wealth
September 22, 2009

WBrief: SG PB to move more into UHNW territory

By Spear's

SG Private Banking is focusing its efforts on the upper range of clients, according to the organisation’s chief executive, Daniel Truchi.

SG Private Banking is focusing its efforts on the upper range of clients, according to the organisation’s chief executive, Daniel Truchi.

Mr Truchi said at a press conference yesterday that SG Private Banking intends to increase its market share in this segment of high net worth clients. He said that SG Private Banking could increase its share of the ultra high net worth market through “joint ventures” and synergies within the French bank, along with external alliances – such as its 37 per cent stake in US-based multi-family office, Rockefeller.

Mr Truchi confirmed that Societe Generale is keen to participate in the consolidation of the private banking industry and is prepared to look at substantial deals that would lead to a “quantum leap” for the firm.

“Such a deal would have to be on the basis of a similar business model. It would have to be a good fit that we could leverage off,” he said.

To read the full story, visit wealthbriefing.com

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