Paris-based Société Générale S.A., a French multinational investment bank and financial services company with around €1.3 trillion in assets, is reportedly set to close 600 of its branches by 2025. This is notably due to the merging of the banking group’s two retail bank networks, Societe Generale and Credit du Nord.
Société Générale further revealed that it will merge the networks to save more than €350 million in costs in 2024 and nearly €450 million in 2025. The banking group also stated its online bank Boursorama was targeting 4.5 million clients in 2025 from 2.5 million in 2020.
“The network will thus transition from about 2,100 branches at the end of 2020 to about 1,500 at the end of 2025. Having won more than 2 million customers in five years, Boursorama intends to continue its investments aimed at onboarding new customers over the next few years.”
Societe Generale is claimed to be one of the leading European financial services groups. Based on a diversified and integrated banking model, the banking group combines financial strength and proven expertise in innovation with a strategy of sustainable growth, aiming to be the trusted partner for its clients, committed to the positive transformations of society and the economy.
“Active in the real economy for over 150 years, with a solid position in Europe and connected to the rest of the world, Societe Generale has over 138.000 members of staff* in 62 countries and supports on a daily basis 29 million individual clients, businesses and institutional investors(1) around the world by offering a wide range of advisory services and tailored financial solutions.”
Société Générale has previously exited in other areas where it lacked scale, selling units and activities in eastern and central European countries such as Poland, Bulgaria, and Albania.