Jackson Cheung
CEO, Head of Société Générale China Ltd

The establishment of the local incorporation in China in September is a strategic step of Société Générale’s long-term development in the Chinese market. After we opened the first retail outlet in China in November, we plan to open 50 branches in various Chinese cities over the next 5 years.

Market is always changing and our tactics have to adjust to the changes. In China, we will utilize our competitive advantages and provide various products to meet the increasingly higher and more complex demands of our clients and to adapt to the market changes.

A good business balance

A good business balance is very important for the development of a bank. Société Générale has balanced its various businesses, including corporate and investment business, retail and commercial financing businesses and asset management services. In addition, we have also developed a good balance between debt and deposits, between developed markets and emerging markets.

So far, Société Générale’s corporate and investment business has created an extensive network covering the growing regions of China, from the eastern costal cities to central areas. Société Générale will start strongly in retail banking and consumer banking services and private banking shortly.

Leveraging its global strength on derivatives, structured finance and capital markets, the bank brings value to both domestic and international clients on the mainland through its solution driven approach. Other new businesses, including retail banking and private banking services, will be playing an increasing important role in the future development of the bank. Other than Société Générale China Inc, Société Générale also provides other services such as fund management services through Société Générale Fortune SGAM, equipment leasing and car leasing services through SGEF and so on. Fortune SGAM Fund Management Co. is the first joint venture fund management company.

The bank’s business performances were overall satisfactory in a volatile market environment in 2008.  The Group demonstrated its robustness with a positive financial year net income of EUR 2.0 bn. Société Générale’s Tier One Basel II ratio remained strong at 8.8% at end of December 2008. The Group’s financial ratings were affirmed by Fitch and S&P in January 2009: Aa2 by Moody’s, AA- by Fitch and S&P. 

Clients, talents and risk management are Société Générale's 3 key strategic pillars

Banks’ future growth relies on our capacity to cultivate clients’ confidence, grow our talents and manage our risks. Clients, talents and risk management are Société Générale’s 3 key strategic pillars, they will keep driving our future growth in China.

As Head of Société Générale China Ltd, I wish to thank you for your interest in the Société Générale Group which is now operating in 82 countries and we intend to offer career opportunities that are stimulating, demanding and rewarding for those who join our Group.
We would say talents are our best assets, welcome to join Société Générale group, and it’s our great honor to work together with you.