OREANDA-NEWS. August 07, 2014. Societe Generale was founded in the Napoleon era, and it became one of the finance pillars of France after the two World Wars. Jackson Cheung, CEO of Societe Generale China, said at present the most important job is how to continue to make business expansion in China.

In August 2013, Societe Generale made a decision for lowering cost by EUR 900 million ahead of 2015. Since September 2013, Societe Generale China has been streamlining its three business segments, namely domestic retail business, international retail & financial service and global banking & investment service department. The global banking & investment service department consists of financial, investment banking, private banking, asset management and securities business.

In 2013, Societe Generale China issued “investment growth plan”, that is, increase investment in major enterprises in the ensuing three years, and its investment will cover the advantageous business of Societe Generale China. Combining with the plan and internal structural adjustment, Jackson Cheung hopes Societe Generale China’s corporate and personal clients will double in 3 to 5 years. As of early 2014, Societe Generale China has opened 7 branches and 8 retail outlet in 7 cities, and it has basically completed comprehensive deployment. In June 2013, Societe Generale established Harbin Branch. Jackson Cheung said the foreign banks shoulder high risks while issuing loans to small and medium-sized enterprises due to cost causes and lack of information transparency. Societe Generale

Leasing & Renting Co., Ltd. (ECS) particularly focuses on financing for small and medium-sized enterprises. Societe Generale China’s advantages rest in its parent company’s overseas branches. Societe Generale now has branches in 77 countries worldwide, and it is the biggest foreign bank in Eastern Europe, southern Africa and northern Africa. Societe Generale hopes to become “bridge for clients”, help China’s big enterprises make business expansion in the areas, and help them avoid local risks. In the 12th Five-Year Plan, the Chinese government massively promoted industrial upgrade of the state-owned enterprises. Jackson Cheung said Societe Generale is offering positive help for industrial upgrade of the state-owned enterprises, such as equipment import financing and import of new equipment.