Société Générale has been granted two licenses by the Dubai Financial Services Authority to open two new branches in the Dubai International Financial Centre. These two branches will act as a hub for the French group's various activities in the Middle East.

The first will be dedicated to private banking activities in the region. Its chief executive is Patrick Thiriet, head of SG Private Banking for the Middle East.

The second will be dedicated to investment banking and the sale of financial products. Its chief executive is Eric Faivre, who will also act as the group's chief representative for the Middle East.

Société Générale will maintain its representative office in the UAE and also has a presence in Bahrain.