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Private banking revenue slide continues at SocGen despite AUM increase
01/08/2014 , News Team

Societe Generale has reported "positive net inflow driven by Europe, especially France" for its private banking business in the second quarter of 2014.

However, private banking revenues declined from EUR 207 million to EUR 201 million against the previous quarter and against the same quarter last year which reported EUR 231 million in revenues.

The bank singled out its Asian private banking arm, describing it as "in transition".

It also reported in increase in assets under management - at the end of June 2014 AUM increased globally EUR 2 billion from the first quarter to EUR 116 billion. For the same period last year the private bank reported AUM of EUR 84 billion.

Global banking and investor solutions business, in which private banking sits, increased 28 percent to EUR 585 million. Revenue from trading fixed income, currencies and commodities increasing nine percent.

Net profit from its international retail network was up 31 percent in the quarter to EUR 318 million. French retail net profits rose two percent to EUR 336 million.

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