Société Générale to ramp up Japanese private banking arm

Société Générale Private Banking (Japan) plans to hire more than 10 people by the end of this year.

According to chief executive Christophe Billard, the positions will be mainly for private bankers as the company expands from its current 120 workers.

The Japanese unit of Societe Generale is also planning to enter into securities-related businesses, he said.

“I think we can establish a new service this year,” Billard said.

According to Billard customers’ needs have changed since the 2008 financial crisis, and there is stronger demand for transparency regarding risk and costs. Products offered will be short term and low risk, he said.

SocGen plans to increase its assets under management to $8.51 billion by the end of 2015 from US$574 million in 2010, according to Billard.

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