FRANCE – Société Générale says it has set up a new investor services division headed by former its former global banking chief.

The bank said the new division was named SG GSSI, Global Securities Services for Investors. It would “provide full investor services on securities and listed derivatives covered by the group around the world”.

It would be headed by Alain Closier, the former global head of banking services who also used to run SG’s Fimat derivatives arm.

It would group together the bank’s investor services arm, along with Fimat and its securities and employee savings services business.

In total the new entity would employ 3,800 people in 18 countries. It would be structured around five areas: brokers, investor services, services for investment banks, services for retail networks and corporate services.

Closier said: "With SG GSSI, Société Générale has service capabilities covering all the asset classes in which our clients invest, confirming its commitment to supporting their growth in the increasingly global financial markets."

SG GSSI is attached to SG’s Global Investment Management and Services arm, known as GIMS – this also contains SG Asset Management and SG Private Banking.

"The creation of this division reflects Société Générale's ambition in these businesses and ensures the resources for sustained profitable growth,” said Philippe Collas, chief executive of GIMS.

“Investors, who represent Société Générale's strategic client targets, increasingly require the competitive integrated offer provided by GIMS.”