Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Middle East to boost growth for SocGen  Join our daily free Newsletter

MENAFN - The Peninsula - 05/03/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - The Peninsula) Societe Generale (SocGen) aims to leverage its experience in structured and transport finance to grow its business in the Gulf, its regional head said



Gulf countries have earmarked hundreds of billions of dollars for infrastructure projects in coming years, with Qatar alone expected to announce schemes worth as much as 205bn between 2013 and 2018. For France's third-largest bank by assets, this is an opportunity to use its lending capacity and advisery services, said Richad Soundardjee, group chief regional officer for the Middle East



"This is a region of projects and SocGen is a global project finance house. So the match is obvious and it's now for us to align ourselves with this huge pipeline that is coming onstream," he said in an interview at the bank's Dubai offices



Soundardjee, appointed as regional head in November, said that while the bank had been in Dubai since 1997, it was only in the last five to 10 years that it had built the first layer of relationships needed to create a flow of deals



European banks, and French lenders in particular, were heavy investors in the Middle East during the boom years last decade but drew back from the region at the start of this decade as the eurozone crisis forced them to focus on home markets



Lending to the region dropped and banks sold businesses to bolster capital ratios; both SocGen and BNP Paribas offloaded their Egyptian operations in 2013. "I think, as a bank, as much as two years ago, it was probably more difficult to say 'we're going to make a push on this' because, like all European banks, we were in the middle of this balance sheet rationalisation," Soundardjee said. He added that the process was now over so the bank could act



SocGen said last month that it would return more cash to shareholders in 2014 than last year after completing its long-running balance sheet overhaul.



The bank currently has about 80 staff in the Middle East, covering private banking as well as corporate and investment banking. It has over 154,000 employees globally, including big retail banking operations in France and other parts of Europe



The bank won't for now be hiring any additional staff in the Middle East as it has the personnel to implement its strategy and can call upon expertise from elsewhere in the world if needed, Soundardjee said



In addition to infrastructure business, SocGen is focusing on asset finance, in particular aircraft and shipping. The region hosts three of the world's largest airlines - Emirates , Etihad Airways and Qatar Airways - which are all aggressively expanding their fleets.



Meanwhile, around 40 percent of the world's sea-borne oil is shipped through the Strait of Hormuz, the narrow strip of seaway between Oman and Iran



SocGen is also interested in expanding its export finance and Islamic finance businesses, Soundardjee said without giving details

 


The Peninsula




  MENA News Headlines
 Jul 1 2015 - Gunman trained in Libya, says TunisiaGulf Times
(MENAFN - Gulf Times) The gunman who killed 38 tourists in Tunisia received weapons training from Islamist militants in Libya, a top official said yesterday, as the president admitted security ...

 Jul 1 2015 - Gaza- Hamas closes offices of mobile phone firmGulf Times
(MENAFN - Gulf Times) Hamas yesterday closed the offices of Gaza's only mobile telephone company after accusing it of tax-dodging, a move experts said could halt all cellular services in the ...

 Jul 1 2015 - Israeli killed, Palestinian is shot in West Bank violenceGulf Times
(MENAFN - Gulf Times) An Israeli wounded in a West Bank shooting overnight died yesterday, and a Palestinian was shot by police after he ran at them shouting Allahu Akbar in the latest violence to ...

 Jul 1 2015 - Qatar- HMC research shows lifesaving potential of seat beltGulf Times
(MENAFN - Gulf Times) Drivers and passengers who don't wear seat belts are at a much higher risk of dying, as a result of being ejected from a vehicle, and suffering from severe injury or permanent ...

 Jul 1 2015 - Qatar- Land donated to Evangelical Alliance Churches buildingGulf Times
(MENAFN - Gulf Times) An alliance of Christian churches has got the approval of the Qatar government to build a worship centre on a 10,079 square metre lot in the Mesaimeer area.Beda S Robles, ...

 Jul 1 2015 - Qatar- Expat's death sentence commutedGulf Times
(MENAFN - Gulf Times) A 10-year rigorous imprisonment awarded by a local court earlier this year to a 43-year-old Indian expatriate for killing one of his compatriots has been reduced to five years ...

 Jul 1 2015 - 100,000 new vehicles hit Qatar roads annuallyGulf Times
(MENAFN - Gulf Times) Around 100,000 new vehicles hit the roads of Qatar annually, according to Brigadier Mohamed Saad al-Kharji, director general of the Traffic Department.Speaking at the Green ...

 Jul 1 2015 - Qatar Airways increases frequency to 12 destinationsGulf Times
(MENAFN - Gulf Times) Qatar Airways has announced network frequency increases to multiple destinations across its global network.The national airline is adding frequencies to Dubai (the UAE), Jeddah ...

 Jul 1 2015 - Qatar- Slight fall in temperature likelyGulf Times
(MENAFN - Gulf Times) A marginal fall in temperature is on cards for the day owing to strengthening of the Northwesterly-Northerly winds across the country, especially on the inshore areas.The day's ...

 Jul 1 2015 - Qatargas road safety TV commercial warns about dangers of texting while drivingGulf Times
(MENAFN - Gulf Times) Qatargas has launched a special TV commercial (TVC) aimed at promoting safe driving behaviour in alignment with the Ministry of Interior's efforts in spreading road safety ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help