Societe Generale has reportedly made plans to sell its UK private banking arm, after having made a major acquisition to expand the business just three years ago.

The French banking firm is working in collaboration with Rothschild & Co on the sale of its Kleinwort Hambros business, according to Bloomberg.

Societe Generali acquired Kleinwort Benson in 2016, a firm which traced its roots back to the late 1700s, from Oddo et Cie and merged it with SG Hambros to form its private bank. Last year, across offices in the UK, Jersey, Guernsey and Gibraltar, the firm brought in £14bn.

However, earlier this year, the French bank announced a huge restructure, revealing that it planned on cutting 1,600 jobs from its investment banking division in the UK, France and the US in a bid to increase its profit.

Furthermore, in February the bank stated it was looking to cut €500m (£431m) from its global banking and investor solutions business after lowering its 2020 targets amid challenging market conditions.

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