SocGen probing private banking account in Singapore

The French bank says it's conducting an internal audit after uncovering 'anomalies' in the account. Clients have been notified.
APR 01, 2010
By  Bloomberg
Societe Generale SA, France's second-largest bank by market value, is probing “anomalies” discovered in a client account overseen by one of its private bankers in Singapore. The Paris-based bank found the irregularities in the account in February, and “immediately” informed clients who might be affected and began an internal audit, a spokeswoman for Societe Generale's private banking unit in Singapore said in an e-mailed response to questions today. “Societe Generale is doing everything possible to resolve this matter in the best interests of its clients and will communicate further on the results of the investigation which is underway as soon as these are available,” the spokeswoman said. The bank didn't comment on the amount of client funds affected. Societe Generale started a private-banking unit in Asia in 2005 to compete with UBS AG and Credit Suisse Group AG for the region's swelling ranks of millionaires. Daniel Truchi, global head of wealth management at Societe Generale, said at the time it cost about 10 million euros ($13.5 million) to set up the business. The company's private bank employs 2,800 people and managed 75.4 billion euros at the end of December. Pierre Baer is its chief executive officer in Singapore and South Asia. The Monetary Authority of Singapore, the city-state's central bank, confirmed that Societe Generale had reported the matter, according to a spokeswoman.

Latest News

LPL building out alts, banking services to chase wirehouse advisors, new CEO says
LPL building out alts, banking services to chase wirehouse advisors, new CEO says

New chief executive Rich Steinmeier replaced Dan Arnold on October 1.

Franklin Templeton CEO vows to "do what's right" amid record outflows
Franklin Templeton CEO vows to "do what's right" amid record outflows

The global firm is navigating a crisis of confidence as an SEC and DOJ probe into its Western Asset Management business sparked a historic $37B exodus.

For asset managers, easy experience is key to winning advisors' businesses
For asset managers, easy experience is key to winning advisors' businesses

Beyond returns, asset managers have to elevate their relationship with digital applications and a multichannel strategy, says JD Power.

Why retaining HNW clients ultimately comes down to one basic thing
Why retaining HNW clients ultimately comes down to one basic thing

New survey finds varied levels of loyalty to advisors by generation.

Stocks drop as investors digest Microsoft, Meta earnings
Stocks drop as investors digest Microsoft, Meta earnings

Busy day for results, key data give markets concerns.

SPONSORED Out with the old and in with the new: a 50% private markets portfolio

A great man died recently, but this did not make headlines. In fact, it barely even made the news. Maybe it’s because many have already mourned the departure of his greatest legacy: the 60/40 portfolio.

SPONSORED Destiny Wealth Partners: RIA Team of the Year shares keys to success

Discover the award-winning strategies behind Destiny Wealth Partners' client-centric approach.