Societe Generale has been in China since 1981 but the retail banking arm, Societe Generale (China) Ltd., was only created in Beijing in September 2008. In 2009 it obtained a full retail renminbi (RMB) licence allowing it to carry out local currency operations with Chinese individual customers. Since then, the teams in China have been committed to building a strong service platform, bringing financial products and services  of an international standard to local clients.

Societe Generale China is the only French retail bank in China, and to meet the increasing demand for its services, has established 8 retail outlets in 6 cities (Beijing, Shanghai, Guangzhou, Tianjin, Wuhan and Hangzhou).

The quality of its service has already been recognised through several awards, including the “2010 International Cooperation Award” from the domestic bankcard association China Union Pay (CUP), and the “Best Personal Banking Service Award” and “Best Trade Finance Bank” by China CFO Magazine.

A new partnership

The cooperation award from CUP has now led to more concrete recognition as, on 25 March 2011, Societe Generale China announced that it had obtained membership from China Union Pay to issue CUP standard RMB debit cards.

Societe Generale has also signed a framework agreement with CUP to progressively allow cardholders access to the ATMs and points of sale of Societe Generale’s international retail banking network, beginning with African countries and followed by the rest of the network at a later stage.

An initial agreement between Societe Generale and CUP in March 2010 already gives CUP cardholders access to ATM machines in Societe Generale’s domestic network in France, Monaco and the Reunion Island. This new contract takes another step towards confirming the client-focused approach and commitment to client satisfaction at International Retail Banking that is the foundation of the Client axis of the Ambition SG 2015 strategic programme.

According to Vincent Gourmelen, Head of operations at the Group's International Retail Banking division, this agreement, "is a strategic milestone for not just Societe Generale China, but for Societe Generale Group, especially for our international retail banking business. Most importantly, it brings win-win benefits for both China UnionPay and Societe Generale.”

Photo: Pierre Bonzom, Vincent Gourmelen and Xu Luode