Société Générale retreating from UK private banking

London — Société Générale is planning a retreat from UK private banking just three years after making a major acquisition to expand in the market, people with knowledge of the matter said.

In 2016, Société Générale bought the UK wealth management operations of Oddo & Cie’s BHF Kleinwort Benson Group unit, which traces its roots back to 1786, and merged it with its own Hambros division. The combined business managed about £14bn of assets as of the end of 2018 in offices the UK, Guernsey, Jersey and Gibraltar.

Private banks have benefited from growing pools of wealth over the past decade amid supportive central bank policies and the rise of billionaires in countries such as China and India. In the past few years they’ve started facing margin pressure due to rising compliance costs and regulatory pressures.

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