SocGen aims to boost Asian investment banking revenue

Seoul : Societe Generale, France's second-biggest listed bank, aims to nearly double its Asia investment banking revenue in 3-4 years and increase staffing to ride on the region's recovery, a senior executive said yesterday.

Michel Peretie, chief executive officer of corporate and investment banking, said in an interview a recovery is ongoing in the global investment banking industry but warned against excessive deleveraging and over-regulation.

He said he holds "reasonable and cautious confidence" on the investment banking sector but noted deleveraging embarked upon globally following the financial crisis could be a risk.

"I don't think inflation is the first thing we should worry about," he said. "Deleveraging, if it is too harsh in a fragile recovery, is not necessarily good news for banks" as such a move may reduce the financing of the real economy.

Peretie also expected further growth in derivatives, SocGen's stronghold.