French bank Societe Generale in India

Expecting the Indian economy to sustain 7 to 9 per cent growth, leading French bank Societe Generale on Wednesday launched a private banking facility to tap $560 billion assets of the growing upper class Indians.

SG Private Banking, the private wealth management arm of Societe Generale, will start operations in Delhi and Mumbai.

It will also tap high networth individuals in Chennai and Bangalore. "India is a promising wealth services market. As a global financial institution with robust networth both in onshore and offshore markets and integrated worldwide, we will give best wealth maagement services to Indians," Pierre Mathe, chief executive, S G Private Banking said.

 He said, SG Private Banking would strive to be a key player in the Indian market and aims to outsmart the 20 per cent growth witnessed in wealth management segment in India.

The SG Private Banking offers tailor-made solutions to manage real estate, taxation, investment in equity or debt, portfolio management and day-to-day banking to HNIs.

The total wealth of Indian origins is about $560 billion, out of that onshore is $260 billion and offshore $300 billion.

This niche segment is growing by 20 per cent per annum. SG Private Banking Asia CEO Daniel M Truchi said Indian economy is expected to grow by 7-9 per cent in the coming years.

With the growth in economy, the HNI segment is also slated to grow. "With the launch of onshore wealth management business in India, we are able to provide a comprehensive and dedicated service offering to our high networth Indian clients globally and in their home country," he said.