Banking News
- SocGen raises stake in Fortune SGAM
Date: 18-Jun-2007 Sources: (Shenzhen Daily)
FRANCE'S second-biggest listed bank, Societe Generale (SocGen), has raised its stake in its Fortune SGAM division to 49 percent, the company said Friday.
SocGen previously held a 33 percent stake in Fortune SGAM, which it said has around US$5 billion in assets under management. The bank declined to say how much it paid to increase its stake. Last year, SocGen lost out to U.S. rival Citigroup in a bid to get a stake in Guangdong Development Bank.
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