Societe Generale to Merge Asset Management, Private Banking

May 28, 2003, 1:00 a.m. EDT 1 Min Read

French Bank Societe Generale is close to bring its asset management and private banking divisions closer together, according to an inside source, Dow Jones reports.

The move, which seeks to bring Societe General in line with the way most European banks operate, is intended to boost revenues by enabling it to cross-sell services.

There have been slight adjustments to management, as Phillippe Collas, assistant managing director for asset management, will also take on responsibility for the private banking unit, headed by Pierre Mathe.

According to the report, the private banking wing will remain a full part of the bank, while the asset management division will remain classified as a subsidiary.

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The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.

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