Société Générale has been granted a licence to operate as a foreign authorised deposit-taking institution by APRA.
The French institution, SocGen is the third-largest bank in France and sixth largest in Europe and will now operate in Australia.
The authorisation will enable the bank to grow its global finance and coverage and investment banking activities on the ground and expand its activities and offerings.
The bank has appointed Pascal Sefrin to group country head for Australia and branch manager of the Sydney branch and will be instrumental in developing the franchise in Australia.
Société Générale chief executive officer for Asia-Pacific Hikaru Ogata said the group was pleased to become an ADI in Australia and looked forward to providing for clients in the region.
“It better positions Société Générale, not only in terms of supporting our Australian wholesale clients in their financing and advisory needs, but also by better serving our global clients who wish to access the Australian market with global banking services.
“This is truly an important milestone for Société Générale’s development in Asia-Pacific and is in line with the growing infrastructure needs in the region and the globalisation of our clients,” he said.
Most recently the bank announced a covered bond unit worth €100 million and was directly recorded on the Ethereum blockchain as part of a pilot program.
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