OREANDA-NEWS. April 04, 2011. Societe Generale (China) Ltd. ("Societe Generale") announced that it obtained its membership from China UnionPay ("CUP") to issue CUP standard RMB debit cards. At the same time, Societe Generale signed a framework agreement with CUP to progressively allow CUP cardholders access to the ATMs and POS of Societe Generale’s international retail banking network, beginning with African countries. The agreement heralds a new chapter in the cooperation between CUP and Societe Generale since the two parties signed first cooperation agreement in 2010, reported the press-centre of Societe Generale.

Mr. Xu Luode, President of CUP and Mr. Vincent Gourmelen, Head of Transaction Banking Services, Societe Generale International Retail Banking signed the agreement, while Mr. Pierre Bonzom, Chief Executive Officer of Societe Generale China Commercial and Personal Banking received the CUP membership license at a ceremony held at CUP’s headquarter in Shanghai. 

Mr. Xu Luode welcomed Societe Generale as a new member and expressed his confidence in future cooperation. "Societe Generale is a leading European financial service provider and has built sound partnership with CUP. We hope to continue and deepen the cooperation with outstanding foreign banks like Societe Generale to expand CUP’s network coverage and improve technology. It is our intention to work together to bring the global convenience and value-added services to CUP cardholders," said Mr. Xu.

Mr. Gourmelen confirmed that, "As a leader and pioneer in card technology, Societe Generale looks forward to further strengthen its relationship with CUP. We hope to share our international experience and card service expertise with our Chinese partners and better serve our local clients".

According to Mr. Bonzom, "the newly obtained CUP membership and the future launch of CUP RMB debit card mark another significant milestone of our 30-year operation in China. The debit card will greatly enhance Societe Generale China’s service network. It will be a key component of our comprehensive RMB retail service portfolio, giving individual clients easy access and unique experience to our "French style” personal banking and service. It also demonstrates Societe Generale’s client-focused approach and our commitment to client satisfaction."

With the rapid economic growth seen in China, there are more activities in bilateral trade, investment and business ventures between mainland corporations and their foreign counterparts as well as rapid raising number of Chinese tourists to overseas countries. Societe Generale’s retail banking network worldwide will allow easy financial access to CUP’s cardholders, enabling them to conduct business activities or enjoy their everyday life and holidays overseas. Under the framework agreement, CUP’s cardholders will access first to Societe Generale’s ATMs and POS in African countries, followed by the rest of its network at a later stage.

Societe Generale China was locally incorporated in September 2008 and has obtained full retail RMB license. Since then, Societe Generale has been committed in building a strong service platform, bringing international standard in financial services to local clients. To meet the local consumers’ increasing demands for convenient financial services, Societe Generale China has established 8 retail outlets in 6 cities (Beijing, Shanghai, Guangzhou, Tianjin, Wuhan and Hangzhou). Societe Generale China provides customers a broad range of financial products and services including savings and deposits, structured products, insurance products and mortgage loans. Its quality of services has been recognized through several prizes awards, including "2010 Cooperation Award" from CUP and the "Best Personal Banking Service Award" and the "Best Trade Finance Service Bank" by CFO World Magazine.

Societe Generale’s French retail banking network has a total of 3,200 branches, serving 10.7 million individual customers and several hundred thousand business and professional customers, associations and local authorities. Societe Generale’s international retail network is present in 37 countries in Africa, Europe and Asia, with a total of 3,800 branches and 62,400 staff serving over 12 million individual customers and 800,000 corporate clients. In the past 40 years, Societe Generale has built a strong network in Africa with over 900 branches across 15 nations.