Societe Generale said Thursday that it would change its business logo in Japan to SG Japan, adding that it plans to galvanize its operations here, especially in the areas of mutual funds and development of new products.
Christian Gomez, chief executive officer for the French firm's Japanese operations, told a news conference that the name change is part of a worldwide effort to bring all the firm's international financial services under a single name. At the same time, he added, the firm's business in Japan will be concentrated on wholesale banking, while at the same time designing private investment products to be sold by other banks, brokerages and insurers.
"We are highly confident in our product development capabilities, but we feel it is still premature for us to enter retail business, except in the area of private banking," Gomez said. He said that over the next year or two, SG Japan aims to expand its operations, predicting that within three years the potential of the Japanese market will become "very obvious" after the progress of its "Big Bang" financial deregulation.