Societe Generale joint venture with Seoul bank

16th April 2004, Comments 0 comments

SEOUL, April 16 (AFP) - State-owned Industrial Bank of Korea on Friday agreed with France's Societe Generale affiliate, SGAM, to form a joint asset management firm, the South Korean bank said.

SEOUL, April 16 (AFP) - State-owned Industrial Bank of Korea on Friday agreed with France's Societe Generale affiliate, SGAM, to form a joint asset management firm, the South Korean bank said.

Under the memorandum of undertanding, both sides plan to take over a small- to medium-sized investment trust firm or asset management company in South Korea to establish the 50-50 joint venture.

The Industrial Bank of Korea said they have also agreed to negotiate possible alliances in private banking, bancassurance and investment banking businesses going forward.

© AFP                                                   

                                                         Subject: French news

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