Societe Generale (China), the locally incorporated unit of France-based Societe Generale, has received an approval from China’s banking regulator, the China Banking Regulatory Commission, to offer RMB retail services in China.
Reportedly, Societe Generale (China) has opened seven retail outlets in Beijing, Shanghai, Guangzhou, Tianjin and Wuhan. The bank has said that it will begin to offer yuan retail services once its outlets receive yuan retail licenses from local bank regulators.
The bank expects that this yuan retail banking business will help it to expand its existing private banking services in China.
