Prime services delivers for SG

摘要

Societe generale's prime services business proved to be a bright spot in the first quarter, posting an 11% year-on-year revenue increase as the bank picked up activity from competitors that scaled back balance sheet, slimlined client lists and axed large parts of their prime broking operations. At US$161m, quarterly revenue was the best on record for the business and defied a 13% year-on-year revenue decline across the bank's global markets division. After taking full control of Newedge in 2014, the French bank combined the agency broking business with its capital markets activities to build a fully-integrated prime broking operation - one of five business lines in the global markets division.