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Are you a client? You should contact your private banker. 
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

Make the right choice before selling assets with divided ownership rights

By our Wealth Engineering expert Julie Boussin.

Article up to date at 1 March 2022, drafted in accordance with French legislation in force, and applicable to individuals whose tax residence is in France.

 

The division of ownership is a tool used in wealth transfers. In the case of securities (such as a securities portfolio) or other assets with divided ownership rights, it is a good idea to plan what you will do with the proceeds of any sale before the sale occurs so that you can control how the transaction will impact your assets and tax liabilities, as shown by two recent rulings by the French Council of State.

The benefits of holding assets with divided ownership rights

Full ownership of an asset may be divided into usufruct, which is the right to enjoy the use of an asset or receive its income, and bare ownership, which is the right to become the full owner once the usufruct expires. Such assets are said to have “divided ownership rights”. As an example, ownership rights may be divided for an inheritance if the surviving spouse chooses to receive 100% of the estate's assets in usufruct, with the children receiving bare ownership rights. Divided ownership may also be used in a preparation strategy for transferring your wealth. Gifting bare ownership while retaining usufruct offers many advantages:

  • The usufructuary continues to use the asset or receive its income (rent, dividends, etc.)

  • Gift tax is calculated based on the value of the bare ownership rights, defined according to a scale that depends on the age of the usufructuary on the date of the gift(1): the younger the usufructuary at the time of the gift, the lower the taxable amount for the bare owner(2).

  • Upon the death of the usufructuary, the bare owner becomes the full owner of the asset without having to pay additional tax.

What happens when assets with divided ownership rights are sold?

First, keep in mind that assets with divided ownership rights cannot be sold unless both the usufructuary and the bare owner agree to the sale.

Article 621 of the French Civil Code stipulates that if the usufruct and the bare ownership of an asset are sold at the same time, the sale price is divided between the usufructuary and the bare owner based on the respective value of each of these rights, unless the parties agree to redirect usufruct on the price. The biggest disadvantage of dividing the sale price in this way is that ownership is no longer divided: the share of the proceeds that goes to the usufructuary will be deemed fully owned and therefore subject to inheritance tax at the time of death.

The rule for dividing the proceeds is optional so the parties can deviate from it. If the parties have previously agreed to reinvest the sale price, the bare owner then becomes, in principle, the sole party liable for paying the related tax(2). The division of ownership strategy is retained, but the bare owner pays income tax on income they do not receive. Consequently, it may be a good idea to also compensate them with full ownership of assets. If the parties involved planned before the sale to allocate the price to the usufructuary under a quasi-usufruct agreement, the capital gain is taxable to the usufructuary. The bare owner therefore has a receivable amount corresponding to the proceeds of the sale that they can claim as a liability of the quasi-usufructuary's estate.

What are the important points?

Two recent rulings by the French Council of State (CE, 2 April 2021, No. 429187 and CE, 17 November 2021, No. 437329) reinforced the need to plan what to do with the proceeds ahead of time and to carefully draft contractual clauses:

  • First, it is important to note that the person liable for income tax is determined on the date of the taxable event, i.e., when analysing the “contractual clauses in force at the time of sale”.(3) In other words, although it is not necessary to deal with the sale price of securities with divided ownership at the time they are gifted, the terms absolutely must be determined before the sale;

  • Second, the Council of State distinguishes between the optional and obligatory aspects of reinvesting the sale price set out in the deed of gift. When the usufructuary retains the option, but not the obligation, to reinvest the proceeds of the sale of the securities in question, “the right of usufruct must be considered, for the purposes of the capital gains tax resulting from the sale, as redirected on the proceeds of the sale, making the usufructuary fully liable for the resulting tax”.(4) In such cases, it doesn’t matter whether the proceeds were actually reinvested.

In closing, given the major challenges related to the payment of income tax and the maintenance of the wealth transfer strategy, the parties must decide in advance what to do with the proceeds of the sale of assets with divided ownership. If applicable, the clauses of the deed of gift could guide the parties by reminding them of the importance of signing a carefully drafted agreement before or at the same time as the securities are sold.

 


Our experts at Societe Generale Private Banking work alongside your wealth advisors to help you make these decisions.

 


(1)  Article 669 of the French General Tax Code.

(2) As an exception, in the event that securities are sold from a portfolio with inherited divided ownership rights, the usufructuary and the bare owner may decide that the capital gains tax will only be paid by the usufructuary (this decision is express and irrevocable, and the bank must be informed of it)

(3) CE, 17 November 2021, No. 437329.

(4) CE, 17 November 2021, No. 429187.

Would you like to discuss this subject further with us?

GENERAL DISCLAIMER :

Societe Generale Private Banking is the business line of the Societe Generale Group operating through its headquarters within Societe Generale S.A. and departments, branches or subsidiaries, located in the territories mentioned below, acting under the brand name "Societe Generale Private Banking" and distributors of the present document.

This document, of an advertising nature, has no contractual value. Its content is not intended to provide an investment service, it does not constitute investment advice or a personalized recommendation on a financial product, nor does it constitute insurance advice or a personalized recommendation, nor does it constitute a solicitation of any kind, nor does it constitute legal, accounting or tax advice from any entity under the control 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. The information on past performance that may be reproduced does not guarantee future performance.

Changes in inflation, interest rates and exchange rates may adversely affect the value, price and income of investments denominated in a currency other than that of the investor. Any simulations and examples contained in this publication are provided for illustrative purposes only. This information is subject to change as a result of market fluctuations, and the information and opinions contained in this publication may change. No Societe Generale Private Banking entity undertakes to update or amend this publication, which may become obsolete after being consulted, and will not assume any responsibility in this respect.

The scenarios presented are estimates of future performance, based on past information about how the value of an investment changes and/or current market conditions, and are not exact indications. Returns to investors will vary depending on market performance and the length of time the investor holds the investment. Future performance may be subject to tax, which is dependent on each investor's personal circumstances and is subject to change in the future.

For a more complete definition and description of risks, please refer to the product prospectus or, if applicable, other regulatory documents before making any investment decision.

It is the responsibility of the potential investor to ensure with his legal and tax advisors that he complies with the legal and regulatory provisions of the jurisdiction concerned. This publication is not intended for distribution in the United States, to any U.S. tax resident, or to any person or jurisdiction where such distribution would be restricted or illegal.

The offers related to the activities and financial and wealth information presented may not be adapted or authorized within all Société Générale Private Banking entities. In addition, access to some of these offers is subject to conditions of eligibility.

Certain offers related to the above-mentioned activities and financial information may present various risks, imply a potential loss of the entire amount invested or even an unlimited potential loss, and are therefore only reserved for a certain category of investors, and/or are only suitable for well-informed investors who are eligible for these types of solutions.

Consequently, before any subscription to an investment service, a financial product or an insurance product, depending on the case and the applicable legislation, the potential investor will be questioned by his private banker within the Societe Generale Private Banking entity of which he is a client on his knowledge, his experience in investment matters, as well as on his financial situation including his capacity to bear losses, and his investment objectives, including his risk tolerance, in order to determine with him whether he is eligible to subscribe to the financial product(s) and/or investment service(s) envisaged and whether the product(s) or investment service(s) is/are compatible with his investment profile.

The potential investor must also (i) take note of all the information contained in the detailed documentation of the service or product envisaged (prospectus, regulations, articles of association, document entitled "key information for the investor", 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 private banker will also be available to provide him with further information, to determine with him whether he is eligible for the product or service envisaged, which may be subject to conditions, and whether it meets his needs.

Accordingly, no entity under the control of Société Générale Private Banking can be held liable for any decision made by an investor based solely on the information contained in this document.

This document is confidential, intended exclusively for the person consulting it, and may not be communicated or brought to the attention of third parties, nor may it be reproduced in whole or in part, without the prior written consent of the Société Générale Private Banking entity concerned.

Societe Generale Group maintains an effective administrative organization that takes all necessary measures to identify, control and manage conflicts of interest. To this end, Societe Generale Private Banking entities have put in place a conflict of interest management policy to manage and prevent conflicts of interest. For more details, Société Générale Private Banking clients can refer to the Conflict of Interest Policy available on request from their private banker.

SociétéGénéralePrivate Banking has also implementedapolicyof d heprocessing ofclaimsmade pa availableonrequestfrom their private banker or on the Société Générale Private Banking website.

SPECIFIC WARNINGS BY JURISDICTION

France: Unless expressly stated otherwise, this document is published and distributed by Société Générale, a French bank authorized and supervised by the Autorité de Contrôle Prudentiel et de Résolution, located at 4, place de Budapest, CS 92459, 75436 Paris Cedex 09, under the prudential supervision of the European Central Bank ("ECB") and registered with the ORIAS as an insurance intermediary under the number 07 022 493 orias.fr Societe Generale is a French société anonyme with a capital of 1 046 405 540 euros as of February 1, 2022, whose registered office is located at 29, boulevard Haussmann, 75009 Paris, and whose unique identification number is 552 120 222 R.C.S. Paris. Further details are available on request or at www.privatebanking.societegenerale.com.

Luxembourg: This document is distributed in Luxembourg by Société Générale Luxembourg, a public limited company registered with the Luxembourg Trade and Companies Register under number B 6061 and a credit institution authorized and regulated by the Commission de Surveillance du Secteur Financier ("CSSF"), under the prudential supervision of the European Central Bank ("ECB"), and whose registered office is located at 11, avenue Emile Reuter - L 2420 Luxembourg Further details are available on request or at www.societegenerale.lu. No investment decision of any kind should be made on the basis of this document alone. Société Générale Luxembourg accepts no responsibility for the accuracy or otherwise of the information contained in this document. Societe Generale Luxembourg accepts no responsibility for any actions taken by the recipient of this document solely on the basis of this document, and Societe Generale Luxembourg does not represent itself as providing any advice, in particular with respect to investment services. The opinions, views and forecasts expressed in this document (including its annexes) reflect the personal opinions of the author(s) and do not reflect the opinions of any other person or of Société Générale Luxembourg, unless otherwise indicated. This document has been prepared by Societe Generale. The CSSF has not carried out any analysis, verification or control on the content of this document.

Monaco: This document is distributed in Monaco by Société Générale Private Banking (Monaco) S.A.M., located at 11 avenue de Grande Bretagne, 98000 Monaco, Principality of Monaco, regulated by the Autorité de Contrôle Prudentiel et de Résolution and the Commission de Contrôle des Activités Financières. Financial products marketed in Monaco may be reserved for qualified investors in accordance with the provisions of Law n° 1.339 of 07/09/2007 and Sovereign Order n° 1. 285 of 10/09/2007. Further details are available on request or at www.privatebanking.societegenerale.com.

Switzerland: This document is distributed in Switzerland by SOCIETE GENERALE Private Banking (Suisse) SA ("SGPBS"), headquartered at rue du Rhône 8, CH-1204 Geneva, Switzerland. SGPBS is a bank authorized by the Swiss Financial Market Supervisory Authority ("FINMA"). Collective investments and structured products may only be offered in accordance with the Swiss Federal Act on Collective Investment Schemes (Collective Investment Schemes Act, CISA) of June 23, 2006, and the Guidelines of the Swiss Bankers Association (SBA) on Information for Investors in Structured Products. Further details are available on request from SGPBS or at www.privatebanking.societegenerale.com.

This document is not distributed by the entities of the Kleinwort Hambros Group that operate under the brand name "Kleinwort Hambros" in the United Kingdom (SG Kleinwort Hambros Bank Limited), Jersey and Guernsey (SG Kleinwort Hambros Bank (CI) Limited) and Gibraltar (SG Kleinwort Hambros Bank (Gibraltar) Limited) Consequently, the information communicated and any offers, activities and financial information presented do not concern these entities and may not be authorized by these entities or adapted in these territories. Further information on the activities of Societe Generale's private banking entities located in the United Kingdom, Channel Islands and Gibraltar, including additional legal and regulatory information, is available at www.kleinworthambros.com.