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You are not a client but would like to have more information about Societe Generale Private Banking? Please fill in the form below.

Local contacts

France : +33 (0) 1 42 14 20 00 (9am - 5pm)
Luxembourg : +352 47 93 11 1 (8:30am - 6pm)
Monaco : +377 97 97 58 00 (9/12am - 2/5pm)
Switzerland : Geneva +41 22 819 02 02
& Zurich +41 44 218 56 11 (8:30am - 5:30pm)

You would like to contact about the protection of your personal data?

Please contact the Data Protection Officer of Societe Generale Private Banking France by sending an email to the following address : protectiondesdonnees@societegenerale.fr.

Please contact Bieneke Russon, the Data Protection Officer of Societe Generale Bank & Trust Luxembourg by phone : +352-47.93.93.11.5046 or by sending an email to the following address : lux.dpooffice@socgen.com.

Please contact Julien Garnier, the Data Protection Officer of Societe Generale Private Banking Monaco by sending an email to the following address : list.mon-privmonaco-dpo@socgen.com

Please contact Omar Otmani, the Data Protection Officer of Societe Generale Private Banking Switzerland by sending an email to the following address : sgpb-gdpr.ch@socgen.com.

You need to make a claim?

 Any claim addressed to Societe Generale Private Banking France should be sent by e-mail to the following address : FR-SGPB-Relations-Clients@socgen.com or by mail to : 

Société Générale Private Banking France
Direction Commerciale
29 boulevard Haussmann CS 614
75421 Paris Cedex 9

The Bank will acknowledge your request within 10 days after receipt and provide a response to your claim within 60 days of receipt. If your request requires additional processing time (e.g. if it involves complex researches…), the Bank will inform you by mail. 

In the event that the response you receive does not meet your expectations, we suggest to contact : 

 

The Societe Generale Group’s Ombudsman

The Societe Generale Group’s Ombudsman can be contacted by the following website : mediateur.societegenerale.fr  or by mail :

Le Médiateur auprès de Société Générale
17 Cours Valmy 
92987 PARIS LA DEFENSE CEDEX 7
France

In reviewing any matter, the Ombudsman undertakes the consideration of both the client’s and the bank’s point of view, evaluates arguments from each of the parties and makes a decision in all fairness.

The Group’s Ombudsman will respond to you directly within two months of receipt of the written submissions of the parties relating to the claim.

 

The Ombudsman of the AMF

The Ombudsman of the Autorité des Marchés Financiers (AMF) can be contacted at the following address :

Médiateur de l'AMF, Autorité des Marchés Financier
17 place de la Bourse
75082 PARIS CEDEX 02
FRANCE


The Insurance Ombudsman

Please contact the Insurance Ombudsman : contact details must be mentioned in your insurance contract.

To ensure that your requests are handled effectively, any claim addressed to Societe Generale Bank & Trust should be sent to:

Private banking Claims department
11, Avenue Emile Reuter
L-2420 Luxembourg

The Bank will acknowledge your request within 10 days and provide a response to your claim within 30 days of receipt. If your request requires additional processing time (e.g. if it involves complex research), the Bank will inform you of this situation within the same 30-day timeframe.

In the event that the response you receive does not meet your expectations, we suggest the following :

Initially, you may wish to contact the SGBT Division responsible for handling claims, at the following address:

Corporate Secretariat of Societe Generale Bank & Trust
11, Avenue Emile Reuter
L-2420 Luxembourg

If the response from the Division responsible for claims does not resolve the claim, you may wish to contact Societe Generale Bank & Trust's supervisory authority, the Commission de Surveillance du Secteur Financier (Financial Sector Supervisory Commission) :

By mail: 283, Route d’Arlon L-1150 Luxembourg
By e-mail:direction@cssf.lu

 Any claim addressed to Societe Generale Private Banking Monaco should be sent by e-mail to the following address: servicequalite.privmonaco@socgen.com or by mail to our dedicated department : 

Societe Generale Private Banking Monaco
Middle Office – Service Réclamation 
11 avenue de Grande Bretagne
98000 Monaco

The Bank will acknowledge your request within 2 days after receipt and provide a response to your claim within 10 days of receipt. If your request requires additional processing time (e.g. if it involves complex researches…), the Bank will inform you of this situation within the same 30-day timeframe. 

In the event that the response you receive does not meet your expectations, we suggest to contact the Societe Generale Private Banking Direction that handles the claims by mail at the following address : 

Secrétariat Général de Societe Generale Private Banking Monaco 
11 avenue de Grande Bretagne 
98000 Monaco

Any claim addressed to the Bank can be sent by email to: sgpb-reclamations.ch@socgen.com
Clients may also contact the Swiss Banking Ombudsman : www.bankingombudsman.ch

The monetary illusion: a magic trick that will not enchant your finances!

Behavioural finance is defined by the application of psychology to finance: it differs from classical financial theory by considering individuals not as purely rational beings, but influenced by their emotions or by reasoning biases.

We cannot ignore the many comments about the resurgence of inflation. Yet we don’t seem to be concerned about that when it comes to financial decisions. How do we explain this danger to our personal finances?

 

While the topic of purchasing power is at the center of public debate in many countries, the name of Gérard Majax, a famous magician of French television, was quoted during the in-between rounds of the French presidential election! A reference far from being incongruous… Indeed, we will see in this article that, in terms of purchasing power, illusion has a real place.

Reasoning out inflation: no magic wand!

Spring is here, with its many garage sales and fairs, which give us opportunities to bring out objects from past decades to try to get a couple of bucks from collectors. Therefore, some hope to realize great capital gains by reselling, for example, 300 euros, objects initially bought half price in the 1980s (1000 French francs or the equivalent of 150 euros)! Apparently enough to make a fortune… but in the meantime inflation has gone through there and this 1,000 francs are now equivalent to nearly 450 euros today according to the Insee (Institut national de la statistique et des études économiques – National institute of statistics and economical studies)(1)… Wealth will not be there…

 

The “monetary illusion” is precisely defined as the preference for indicators excluding inflation (in nominal terms), rather than after taking it into account (in real terms). How to explain that? Firstly, it is easier to understand aggregates – in other words, financial elements - excluding inflation; secondly, because of our easier attention to nominal terms. This unfortunate preference was highlighted in a famous 1979(2) study in which the participants had to classify the financial choices of three fictitious characters, Adam, Carl and Ben, in order to distinguish who had made the best deal. The case was as follows: after receiving a home for $200,000, Adam sold it for $154,000, 23% less, but with 25% deflation (price drop) over the period; Ben sold it for $198,000, down 1%, while prices remained stable over the period; Carl sells it for $246,000, an increase of 23%, with inflation of 25% over the period.

The majority of participants considered that Adam (+2% in real terms) performed the worst operation and that conversely Carl (-2% in real terms) recorded the best operation! By focusing on the emotional aspect, the participants reasoned in nominal terms!

The monetary illusion is of particular importance today: by not integrating monetary erosion linked to inflation, certain asset allocations can be unfortunate. Similarly, it is necessary to change our perception of what constitutes an attractive level of profitability (in terms of risk-taking) in this inflationary context.

The smoke and mirrors of emotions

A more recent experience(3) confirms our difficulty in understanding financial equations when our emotions take over. Thus, taking again a fictitious case, participants to the study were asked to judge a real estate transaction mixing borrowing and resale of a house previously bought. This experience has shown that when the question asks to focus on the economic terms of the transaction (the “best transaction”), the answer given is well considered: regardless of the amount of residual debt at the time of resale, the transaction is perceived as equivalent. On the other hand, in the event of a loss of value resulting in a negative flow to repay the remaining debt, taking into account the pain related to the negative flow blurs the perception, even with an identical amount of loss of value between the owners. Finally, this study highlights that the concentration of respondents on feelings (“happiness”) influences the response: the possible negative flow and the associated liquidity constraint is all the more badly felt.

Thus, to integrate the changing economic environment and rising prices, it is key not to be blinded by emotions but to stay on economic aspects, sometimes very calculating.

You will have noted the length of the article… also a victim of inflation… or how to let yourself be overwhelmed by emotion when writing!

 


(1)  https://www.insee.fr/fr/information/2417794

(2) « Money Illusion », E. Shafir, P. Diamond et A. Tversky (1997) 

(3) "Is There a Link Between Money Illusion and Homeowners’ Expectations of Housing Prices?", L. Ackert, B. Church et N. Jayaraman (2011)

WARNING

This document is an advertisement and has no contractual value. Its content is not intended to provide an investment service, nor does it constitute investment advice or a personalised recommendation on a financial product, nor insurance advice or a personalised recommendation, nor a solicitation of any kind, nor legal, accounting or tax advice from any entity under the responsibility of Société Générale Private Banking.

The information contained herein is provided for information purposes only, is subject to change without notice, and is intended to provide information that may be useful in making a decision. Past performance information that may be reproduced is not a guarantee of future performance.

Before subscribing to an investment service, financial product or insurance product, the potential investor (i) must read all the information contained in the detailed documentation for the service or product in question (prospectus, regulations, articles of association, key investor information document, term sheet, information notice, contractual terms and conditions, etc.), in particular those relating to the associated risks; and (ii)consult his legal and tax advisors to assess the legal consequences and tax treatment of the product or service being considered. His or her private banker is also available to provide further information, to determine with him or her whether he or she is eligible for the product or service under consideration, which may be subject to conditions, and whether it meets his or her needs. Accordingly, no entity within Société Générale Private Banking can be held responsible for any decision taken by an investor solely on the basis of the information contained in this document.

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Édouard Camblain Head of strategic projects & development