Societe Generale to set up broking in India - paper

MUMBAI, Jan 4 (Reuters) - French bank Societe Generale (SOGN.PA) will set up broking operations in India with an initial investment of $50 million over two years, the Economic Times said on Friday, citing unnamed sources.

The bank's broking subsidiary would operate through a wholly-owned unit in India, the paper said.

A spokesman for Societe Generale in India could not be immediately reached.

Societe Generale recently received permission from the European Commission to merge its Fimat division with the futures and options brokerage unit of Credit Agricole (CAGR.PA), to form a venture called Newedge.

Societe Generale recently said it would partner Indian investment bank Ambit for merger and acquisition advisory services. It has also entered a preliminary pact with Indiabulls Financial Services (IBUL.BO) for a life insurance venture.

Foreign banks have been stepping up their presence in India, one of the world's fastest-growing economies, ahead of a planned review in 2009 aimed at removing restrictions on them. (Reporting by Rina Chandran; Editing by John Mair)