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.
AUTHOR
Oksana Patron
Recommended for you
As AFSLs endeavour to meet their breach reporting obligations, a legal expert has emphasised why robust documentation will prove fruitful, particularly in the face of potential regulatory investigations.
Betashares has named the top Australian suburbs with the highest spare cash flow, shining a light on where financial advisers could eye out potential clients.
A relevant provider has received a written direction from the Financial Services and Credit Panel after a superannuation rollover resulted in tax bill of over $200,000 for a client.
Estimates for the calendar year 2024 put the advice industry on track for a loss in adviser numbers as exits offset gains from new entrants.
