SocGen probing private banking account in Singapore

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.