(BFM Bourse) – Banque de la Défense announces the merger of its two retail networks in France. The merger of Societe Generale and Crédit du Nord will thus give birth to “SG”, the new brand which will be gradually deployed on the facades of the branches.
A big step forward. Société Générale announces that on 1 January it completed the legal merger of its two retail banking networks in France. This is a major step in a major project launched in 2020.
This union will give birth to “SG”, a single banner intended to replace the two strong brands that are Crédit du Nord and Société Générale. This operation “is an important step which marks the effective creation of the new bank” explains Societe Generale.
Initiated in 2020, the merger of the two networks with 10 million customers, will allow the red and black bank to benefit from significant synergies and strengthen the profitability of one of its main businesses.
“The new organization is now in place and all the management teams have been appointed, both at headquarters and in the regions. The IT migrations of the banks of the Crédit du Nord group to the Societe Generale information system will be carried out in two time during the first half of 2023” adds Societe Generale.
A new SG brand
Branch consolidations will begin in the second half of 2023, with a first stage of 150 mergers, i.e. 30% branch closures. By the end of 2024, 80% of mergers will be carried out before fully achieving this objective before the end of 2025. The rationalization of the network should therefore lead to the closure of 600 branches and the elimination of 3,700 posts.
The new SG brand will be rolled out gradually on the facades of the branches, with a first stage of 1,000 branches concerned by the end of 2023. The national SG brand will be accompanied by 10 regional brands: SG Crédit du Nord, SG Grand Est, SG Laydernier, SG Auvergne Rhône Alpes, SG SMC, SG Courtois, SG Sud-Ouest, SG Tarneaud, SG Grand Ouest and SG Société Générale in Ile-de-France and Corsica.
On the Paris Stock Exchange, Societe Generale stock rose 3% after losing 22% in 2022.
Sabrina Sadgui – ©2023 BFM Bourse
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