SG Hambros grows its business by acquiring ABN AMRO Private Banking London

SG Hambros Bank Limited (SG Hambros), part of SG Private Banking, announces its acquisition of the London-based private banking business of ABN AMRO Bank N.V. (ABN AMRO). ABN AMRO Private Banking London has assets under management of approximately £1bn. The deal is expected to become effective in early November.

This private banking acquisition is a rare opportunity in the UK market for SG Hambros to expand its business there through external growth. SG Hambros Group Head of Private Banking, Eric Barnett, will oversee the smooth migration of the business.

This transaction illustrates SG Hambros’ ambition to continue to grow its onshore business in the UK, where it is now recognised as a major player, as well as in key international client segments (South Asian, Russian, Middle East and French citizens). Commenting on the deal, Warwick Newbury, CEO of SG Hambros Bank Limited, said: “This acquisition follows a number of years of rapid growth since Hambros Bank was itself acquired by Société Générale in 1998 to develop private banking in the UK and the Channel Islands. We look forward to welcoming both staff and the clients of ABN AMRO Private Banking London ".

The deal is also consistent with the global strategy pursued by SG Private Banking to expand through both internal and external growth in order to increase its presence in key established markets, as well as in emerging segments.

For further information, please contact::

Alexandra O'Sullivan
Group Marketing and Communications Manager
SG Hambros Bank Limited

Tel: + 44 (0) 20 7597 3029
E-mail: alexandra.osullivan@sghambros.com

Registered in England No. 964058
Authorised and regulated by the Financial Services Authority

NOTES FOR EDITORS

SG Hambros

SG Hambros, part of SG Private Banking, is a private bank providing a comprehensive wealth management service. Through private bankers it provides investment management, financial planning, trust and banking services to some 11,000 clients. The SG Hambros Group employs more than 400 people and manages over £5 billion of assets under management from its offices in the UK , Guernsey , Jersey , Gibraltar and The Bahamas. www.sghambros.com

SG Private Banking

SG Private Banking, with offices in 21 countries, is among the market leaders in France , and has a strong presence in the United Kingdom , Luxembourg , Switzerland , Belgium . In Asia , SG Private Banking ranks among the top 10 players.

Almost 1875 professionals manage EUR55.1 billion in assets for around 75,000 clients ( June 2005). SG Private Banking's growth strategy is based on a business model that encompasses a global approach to client requirements through financial advice and asset engineering. It offers clients a broad range of sophisticated products and services that cover differing needs and include the best products available on the market, based on an open structure. www.sgprivatebanking.com

Société Générale Group

Société Générale is one of the largest financial services groups in the euro-zone. The Group employs 92,000 people worldwide in three key businesses:

•  Retail Banking & Financial Services: Société Générale serves more than 17 million individual customers
worldwide.

•  Global Investment Management & Services: Société Générale is one of the largest banks in the euro-zone in terms of assets under custody (EUR 1,180 billion, March 2005) and under management (EUR 326 billion, March 2005).

•  Corporate & Investment Banking: SG CIB ranks among the leading banks worldwide in euro capital markets, derivatives and structured finance.

Société Générale is included in the four major socially-responsible investment indexes. www.socgen.com