Societe Generale : to restart banking operations in Australia
Societe Generale, one of the world's biggest banks by assets, said the Australian Prudential Regulation Authority has given permission for the bank as a foreign authorised deposit-taking institution.
The French bank was one of the several foreign banks circling Australia once again, as they bet on resources and infrastructure investment gathering pace at a time when local banks were distracted by a government inquiry following a string of scandals.
The bank also said that company veteran Pascal Sefrin has been appointed as group country head for Australia.
A banking licence would allow Societe Generale to raise funds in Australia and lend to local companies directly rather than through its offshore operations.
(Reporting by Niyati Shetty in Bengaluru; Editing by James Emmanuel)