SGSS Boosted by 2014 Results

Societe Generale Securities Services (SGSS) reported increased revenues from 2014, following a boost from its custody business.

Within the Securities Services unit, end of year revenues increased 2.6% to EUR 659 million, with the increase in commissions offsetting the negative impact of continued low interest rates, according to the bank.

Assets under custody rose 8.7% to EUR 3.9 trillion in comparison to 2013. Assets under administration also jumped 11.1% to EUR 549 billion.

During the year, SGSS saw the full integration of Societe Generale’s brokerage arm, Newedge into the Global Markets unit. With the full migration of Newedge, “more than 250 new clients have entered into a relationship with the Group thanks to the implementation of an integrated offering,” it said in an earnings release.