Mumbai: French financial services giant Societe Generale will launch its non-banking finance company in India to expand its private banking business in the country.

SG Private Banking will also double the number of relationship managers in its Indian unit to around 160 in three years.

The bank, which has a presence in Mumbai and New Delhi, plans to expand operations to more Indian cities and set up trust services to advise clients on inheritances.

SG Private Banking, which has obtained FIPB approval for setting up an NBFC, expects an accelerated growth in India following liberalisation of the country's financial markets.

SocGen has earmarked a $50 million investment in the NBFC and is aiming at an over 40 per cent growth in the next two to three years. 

A host of foreign banks such as HSBC, Morgan Stanley, Merrill Lynch, Citigroup and Deutschebank are setting up non-banking financial subsidiaries in India to expand their product portfolio.

The number of high networth individuals in India grew at a 21 per cent to 100,000 in 2006, according to a Merrill Lynch/Capgemini report, encouraging international banks to expand into India.

SG Private Banking, meanwhile, has entered into an alliance with Rockefeller Financial Services to tap the non-resident Indian market in the United States.

SocGen, which lost 4.9 billion euro ($7.6 billion), caused by rogue deals carried out by Jerome Kerviel, a 31-year old trader, is trying to claw back through both organic and inorganic routes.