Societe Generale sets up unit to serve wealthy Russians offshore

By Andrei Skvarsky

Société Générale Private Banking has set up a dedicated division to serve Russian high net-worth clients in Switzerland despite the trend of many leading banks to set up in Moscow.

The new unit of the French bank's wealth management arm, which will offer offshore services to Russians, will be a team of nine, with some of the officers based in Zurich and the others in Geneva, according to Financial News. All of them will report to Jean-Gabriel Arqueros, the Geneva-based global market manager for Russian clients.

Leading Swiss banks UBS and Credit Suisse have an onshore presence to serve Russian billiionaires for the past few years and have been recently joined by the RBC and UBP.

By Andrei Skvarsky Société Générale Private Banking has set up a dedicated division to serve Russian high net-worth clients in Switzerland despite the trend of many leading banks to set up in Moscow. The new unit of the French bank's wealth management arm, which will offer offshore services to Russians, will be ...