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Updated Tuesday, January 19, 2010 11:40 am TWN, AFP

France's Societe Generale may exit Australia

SYDNEY -- French bank Societe Generale yesterday said that it was considering pulling out of Australia and was in discussions with regulators regarding its banking license. Australian branch chief executive, John Harvey, said no decision had yet been made but that a total exit was “clearly on the agenda”, adding that the bank was in talks with the Australian Prudential Regulation Authority (APRA).

“We are in regular dialogue with APRA and their position is that we retain our branch banking license whilst Societe Generale continues to conduct banking operations in Australia,” Harvey said, Dow Jones News reported.

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