Societe Generale sets up new operations in Singapore

SINGAPORE: Societe Generale (SocGen) has arranged with the Singaporean government to transfer part of its operations from Hong Kong to the city-state, in part due to continuing strict pandemic restrictions in the Special Administrative Region of China.

After declaring a business emergency, the bank officially made Singapore its secondary post for its Asia base, temporarily relocating staff to continue a range of services. About a dozen traders will move out of Hong Kong after Singapore permitted them entry.

SocGen staff have been reportedly pressuring the bank to leave Hong Kong following prolonged Covid-related restrictions.

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