Contact

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 Céline Pastor, 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

Myth: life insurance is not a good investment after 70

Article up to date at 1 November 2020, drafted in accordance with French legislation in force, and applicable to individuals whose tax residence is in France.
 

Article 990 I of the French tax code permits an allowance of €152,500 in death benefits per beneficiary at a tax threshold of 31.25%. However, the death benefits linked to the premiums paid into a life insurance policy after age 70 are not entitled to these provisions. Should one therefore systematically rule out paying into a life insurance policy after 70? Read on.

 

Life Insurance policy in a nutshell

A life insurance policy is an investment vehicle that allows you to accumulate income and make withdrawals. Should you decide to partially redeem your policy, only the share of interest earned on that redemption is taxable. Let’s say you took out a policy three years ago and invested €1,000K in it, and that today that amount is worth €1,150K. Assuming that you redeem the equivalent of the unrealized capital gain, i.e. €150K gross, only €20K will be taxed(1). There will therefore be a tax cost of €6K (30% flat tax excluding the possibility of an exceptional tax on high income and unless opting for the progressive scale for income tax), and the net redemption amount will be €144K.  In other words, life insurance is first and foremost a capitalisation vehicle for investing liquid assets under sound conditions.

Transferring death benefits

Life insurance is also used for succession purposes: upon the policyholder’s death, regardless of his or her age, the ownership of the proceeds of the policy are transferred to the expressly designated beneficiary or beneficiaries — who may or may not be heirs of the deceased. Indeed, by law the death benefits received by one or more beneficiaries are not considered as assets of the policyholder’s estate. That said, life insurance should not be used as a means to disinherit one’s heirs, as premiums deemed as manifestly excessive risk being included into the estate! To make full use of life insurance as an instrument for transferring one’s wealth, special attention needs to be paid to how the beneficiary clause is drafted rather than automatically approving the standard clause prepared by the insurer. A more personalised and perhaps more sophisticated clause drafted with the help of an expert may prove to be particularly effective.

What is the differents made between payments made before 70 and after 70 from a tax perspective?

The taxation on death benefits linked to the premiums paid before the policyholder turns 70 may at first seem more attractive than the taxation on premiums paid after 70:

  • In the first case, death benefits are excluded from estate assets, and are included in the second case;

  • There is an allowance of €152.5K per beneficiary in the first case, versus a total allowance of €30.5K in the second case;

  • In the first case a specific levy with a 31.25% marginal rate of is applied, whereas in the second case inheritance tax with a 45% marginal rate is applied for direct-line beneficiaries, and a 60% marginal rate for third-party beneficiaries

Remember that for payments into your life insurance policy after 70, only the amount of premiums paid are subject to inheritance tax. However, the proceeds of the life insurance policy are exonerated from inheritance tax. So, depending on your objectives, having a life insurance policy after 70 could prove a very worthwhile strategy.

Example: Life Insurance after 70 as tool for transferring your estate to your grandchildren (2)

Earlier we saw how parties who are not considered heirs of the estate can be designated as beneficiaries in the policyholder’s life insurance policy. Therefore, provided a clause has been adequately drafted to this effect, the policy can be used to transfer liquid assets to the policyholder’s grandchildren who can benefit, where applicable, from the progressive scale on inheritance tax rates (5%, 10%, 15%, 20%, 30% above €550K, then 45% above €1,800K). For example: a 71-year-old policyholder wishes to invest in one year €1,000K that she plans to leave to her four grandchildren after her death. She passes away four years later. The policy is now worth €1,500K thanks to the investment products. Each grandchild receives €375K.

  • If the initial amount had been invested in a securities account, for instance, the €1,500K would have been considered as an estate asset and therefore included in the inheritance tax calculation. If, by way of a testamentary provision, the deceased had bequeathed this asset to her grandchildren, the cost would be approximately €75K, leaving each grandchild with €300K net(3)

  • However, if the initial amount had been invested in a life insurance policy, the grandchildren would only be taxed on the total of the premiums paid (i.e. €250K per policy):

  1. After an allowance of €30,500 for all the premiums paid after the age of 70;

  2. With application of the of the direct-line inheritance tax scale (with various allowances, if not used elsewhere)

The cost would therefore be limited to approximately €48K per grandchild who will have €327K to put towards their life plans. Therefore, dismissing life insurance after 70 on the grounds that it is not a good investment is not a sound argument. At Societe Generale Private Banking, a Wealth Engineer is ready to assist you alongside your Private Banker in defining a bespoke strategy to achieve your objectives.

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(1) Amount of partial redemption — All premiums paid up to the date of the partial redemption x (Amount of partial redemption/Total value of redemption on the date of the partial redemption), i.e. 150 — (1,000 x 150/1,150).

(2) Excluding manifestly excessive premiums.

(3) Application of the direct-line inheritance tax scale after an allowance of €1,594 per grandchild on the value of the asset, i.e. €375K.

Would you like to discuss this subject further with us?

The information provided on this page is for information purposes only and has no contractual value. The content of this page is not intended to provide investment advice or any other investment service and does not constitute an offer, a personalised recommendation or advice from Societe Generale Private Banking with a view to the purchase or subscription or sale of investment services or financial products.

The information contained on this page does not constitute legal, tax or accounting advice. The information contained herein is provided for information purposes only and is intended to provide the reader with information that may be useful in making a decision. It does not in any way constitute personalized recommendations. The reader should not use it as an investment recommendation or as legal, accounting or tax advice. All of the asset management strategies envisaged will require the validation of your usual legal and tax advice before being implemented.

This article is based on sources that Societe Generale Private Banking considers reliable and accurate at the time of writing. All information contained in this document is subject to change without notice. No Société Générale Private Banking entity can under any circumstances be held liable for any decision taken by an investor on the basis of this information.

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