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Report: SocGen applies for Australian banking license

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Report: SocGen applies for Australian banking license

Société Générale SA has applied for a banking license in Australia as it seeks to rebuild its presence in the country, Bloomberg News reported March 19, citing "a person familiar with the situation."

The French bank has reportedly registered Societe Generale Sydney Branch as a new business name with the Australian Securities and Investments Commission.

Societe Generale had closed much of its Australian business in 2010 and gave up its local deposit-taking license a few years later. However, the bank kept its Sydney office and has been building up its presence since. In 2015, it set up a local infrastructure financial advisory team.

A spokesman for the French bank declined to comment on the license application, adding only that the bank is committed to the Australian market.