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

Maryland bars advisor over charging excessive fees to clients
Maryland bars advisor over charging excessive fees to clients

Blue Anchor Capital Management and Pickett also purchased “highly aggressive and volatile” securities, according to the order.

Wave of SEC appointments signals regulatory shift with implications for financial advisors
Wave of SEC appointments signals regulatory shift with implications for financial advisors

Reshuffle provides strong indication of where the regulator's priorities now lie.

US insurers want to take a larger slice of the retirement market through the RIA channel
US insurers want to take a larger slice of the retirement market through the RIA channel

Goldman Sachs Asset Management report reveals sharpened focus on annuities.

Why DA Davidson's wealth vice chairman still follows his dad's investment advice
Why DA Davidson's wealth vice chairman still follows his dad's investment advice

Ahead of Father's Day, InvestmentNews speaks with Andrew Crowell.

401(k) participants seek advice, but few turn to financial advisors
401(k) participants seek advice, but few turn to financial advisors

Cerulli research finds nearly two-thirds of active retirement plan participants are unadvised, opening a potential engagement opportunity.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today’s choppy market waters, says Myles Lambert, Brighthouse Financial.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave