BEIJING, Oct. 12 (Xinhua) -- French banking giant Societe Generale (SG) is looking for local partners to help develop a full range of financial services in China, China Daily reported Monday.

    France's second-largest lender, which opened its wholly-owned unit in China last year, has extended its business portfolio in the country from corporate and investment banking to include retail and private banking, the newspaper said.

    The bank was looking for opportunities to cooperate or even buy into a Chinese bank with a broader national retail network, as it needs more local retail outlets for its products, the newspaper said, citing one of its top executives.

    In 2007, SG failed to buy into Guangdong Development Bank after a protracted battle of nearly two years with Citigroup. The bank is now 20 percent owned by Citigroup.

    With a new branch opened in Tianjin in early September, SG has increased its footprint in China to five cities through its seven outlets in Beijing, Shanghai, Guangzhou, Wuhan and Tianjin.

    In addition to banking services, SG China is seeking opportunities to expand its insurance and securities business in the country. It opened an insurance business representative office in Beijing two years ago.

    In March, SG China partnered with Everbright Securities to cooperate on derivatives design and risk management.