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French bank seeks incorporation in China

French bank seeks incorporation in China

French bank Societe Generale SA has applied for corporate status in China as part of a plan to build a retail banking network there, the French economic dailies Les Echos and La Tribune reported Friday, citing a bank spokesman.
"As soon as China allows us to develop our activities by becoming a local bank there, obviously we will do it," Societe Generale's Asia-Pacific spokesman Laurent Tison told La Tribune.
Societe Generale is the only French bank among nine foreign businesses that have applied so far to incorporate in China. The French bank recently failed in its long-running bid to acquire a stake in China's Guangdong Development Bank, but has maintained an interest in increasing its activities there.


Updated : 2021-05-17 20:56 GMT+08:00