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The foreign bank has perfected its retail banking business development strategy in China step by step. In the past, it incorporated a wholly-owned subsidiary, made inroads into Beijing, Shanghai, and Guangzhou, obtained the renminbi business license, applied for offering of the renminbi debit cards, as well as varied its local product catalog.
Societe Generale opened the second outlet in Shanghai two days ago, and it was the seventh one across the whole mainland. Last week, it completed the system upgrade, fulfilling the Chinese regulators' requirements that the foreign banks should settle their main systems and databases in Mainland China.
As the first foreign lender unveiling the retail banking operation, Societe Generale intends to submit its renminbi debit card offering application to related authorities soon, through its wholly-owned subsidiary, Societe Generale (China) Ltd.
Source: www.hexun.com (October 23, 2009)
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