Boursorama (SocGen) signs a definitive partnership agreement with ING for its retail banking in France | Photo credits: Raphaël Vandon / Creative Commons
PARIS, April 5 (Reuters) – Societe Generale announced in a press release on Tuesday that its online banking subsidiary Boursorama has signed a definitive partnership agreement with ING on the retail banking activities of the Dutch bank in France.
As part of this agreement, signed on April 4 following ING’s decision to withdraw from retail banking in France, Boursorama will “offer customers of ING’s online banking in France (.. ) a simplified subscription process and exclusive offers on the products and services subscribed”, can we read in this press release, which specifies that “the credits are not part of the scope of the agreement”.
“The operation will have a very limited impact on the group’s CET1 ratio,” said Société Générale.
ING announced at the end of December its intention to leave retail banking in France and Societe Generale announced in February exclusive discussions for the resumption of this activity in France.
(Written by Myriam Rivet, edited by Bertrand Boucey)