Societe Generale Said to Plan Sale of U.K. Private Banking Arm

Societe Generale SA is planning a retreat from U.K. private banking just three years after making a major acquisition to expand in the market, people with knowledge of the matter said.

France’s second-largest lender has started to gauge interest from potential buyers for its Kleinwort Hambros business, according to the people, who asked not to be identified because the information is private. It is working with Rothschild & Co. on the deal, the people said.

In 2016, Societe Generale bought the U.K. wealth management operations of Oddo & Cie’s BHF Kleinwort Benson Group SA unit, which traces its roots back ...