Societe Generale has reportedly made plans to sell its UK private banking arm, after having made a major acquisition to expand the business just three years ago.
The French banking firm is working in collaboration with Rothschild & Co on the sale of its Kleinwort Hambros business, according to Bloomberg.
Societe Generali acquired Kleinwort Benson in 2016, a firm which traced its roots back to the late 1700s, from Oddo et Cie and merged it with SG Hambros to form its private bank. Last year, across offices in the UK, Jersey, Guernsey and Gibraltar, the firm brought in £14bn.
However, earlier this year, the French bank announced a huge restructure, revealing that it planned on cutting 1,600 jobs from its investment banking division in the UK, France and the US in a bid to increase its profit.
Furthermore, in February the bank stated it was looking to cut €500m (£431m) from its global banking and investor solutions business after lowering its 2020 targets amid challenging market conditions.
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The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
Air and the role of later-life lending
Content editor at MoneyAge, Dan McGrath, spoke to the chief executive officer at Air, Will Hale, about the later-life lending industry, the importance of tailored advice and how technology and obligations have shaped the sector.
Helping the credit challenged get mortgage ready
A rising number of borrowers are finding it harder to access mortgages due to being credit challenged - whether that’s from historic debts, a county court judgment, or having little to no credit history.
In the latest episode of the Mortgage Insider podcast, Phil Spencer is joined by Eloise Hall, Head of National Accounts at Kensington Mortgages, and Alastair Douglas, CEO of TotallyMoney.
In the latest episode of the Mortgage Insider podcast, Phil Spencer is joined by Eloise Hall, Head of National Accounts at Kensington Mortgages, and Alastair Douglas, CEO of TotallyMoney.
The future of the bridging industry and the Autumn Budget
MoneyAge content editor, Dan McGrath, is joined by head of marketing at Black & White Bridging, Matt Horton, to discuss the bridging industry, the impact of the Autumn Budget and what the future holds for the sector.
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