Daily Dispatches: will Soc Gen exit Aus altogether?

Societe Generale is considering a complete exit of the Australian banking market and is in discussions with regulators about the status of its banking licence. The French bank is in the process of winding down much of its business in Australia as part of a decision taken in the depths of the global financial crisis to transfer its Sydney-based operations to Hong Kong. (The Australian)

Mark Johnson, the architect of the plan to develop Australia into a regional financial hub, believes the export of financial services can double in the next five to seven years. Exports account for only 3 per cent of the sector's contribution to the economy at present, compared with 50 per cent in Britain, 25 per cent in Singapore and 8 per cent in Canada and the US. (The Australian)

Independent dealer group Australian Financial Services Group (AFS) is considering acquisition opportunities of both dealer groups and other businesses that could create alternative revenue streams for the group, according to chief Peter Daly. (Money Management)