Societe Generale to end online trading service in Japan

Japan Policy & Politics, Nov 19, 2001

TOKYO, Nov. 16 Kyodo

The Societe Generale group of France said Friday that SG Online, a Web-based retail brokerage operated by Societe Generale (North Pacific) Securities Ltd., will halt operations in Japan on Dec. 27 as a result of the prolonged stock market slump in Japan.

Customers of SG Online, which started operating in February, will be able to transfer their accounts to kabu.com Securities Co. of the UFJ group, it said.

SG Online's 90 staff will be found new positions in the group, it said.

The group said it remains an integral player in Japan in strategic institutional banking areas such as corporate and investment banking, asset management and private banking despite the closure of SG Online.