Reportedly, the move is part of a decision taken at the height of the global financial turmoil to shift its Sydney-nased operations to Hong Kong. Later, in February last year, the bank said that it would reduce its headcount in Australia by 30% and close its securitization unit.
Already, the France-based bank has transferred its interest rates and foreign exchange business to Hong Kong, while credit trading is said to be wound down by the end of the Q1 as part of efforts to cutdown the balance sheet from a peak of A$55bn.
John Harvey, CEO said: “We are in regular dialogue with APRA and their position is that we retain our branch banking licence whilst Societe Generale continues to conduct banking operations in Australia. There is no official close date as we continue to operate substantial businesses in treasury and equipment finance,” reported the newspaper.
