By 2025, the Socit Gnrale and Crdit du Nord brands will gradually disappear from the landscape to make way for SG agencies, the new brand of the Socit Gnrale group.
It’s official. This Sunday, January 1, 2023, the Socit Gnrale group completed the merger of the Socit Gnrale and Crdit du Nord networks. A decisive legal step in the life of the two brands, since it records their disappearance in favor of SGthe Group’s new retail bank in France.
11 new brands
This national brand is available in 11 new regional appellationswith a common denominator:
- SG Socit Gnrale in Ile-de-France and Corsica (Paris headquarters);
- SG Credit du Nord (Lille);
- SG Grand-Ouest (Rennes);
- SG Grand Est (Strasbourg);
- SG Tarneaud (Limoges);
- SG Auvergne Rhne Alpes (Lyon);
- SG Laydernier (Annecy);
- SG Southwest (Bordeaux);
- SG Courtois (Toulouse);
- SG SMC (Marseilles).
Some regional brands of the Crdit du Nord group therefore retain (part of) their original identity, such as Laydernier, Tarneaud or Courtois. Others, on the other hand, remained on the floor. This is the case of the Kolb and Nuger brands, implanted respectively in the Vosges and in Auvergne.
These two banks that will disappear in 2023
Branch closures
Paradox of the merger: customers will benefit from an increased number of points of sale, while the Group plans many branch closures by 2025. In detail, the number of points of sale will be multiplied by two for customers of the Crdit du Nord group. It will also increase by 15% for Societe Generale customers.
At the same time, the number of group outlets should fall by 2100 currently 1450 by 2025. This movement will be accompanied by 900 job closures. Following the merger, some clients will therefore have to change branch, or even personal adviser.
The Socit Gnrale group has, however, kept its commitment not to leave any city and to maintain social dialogue throughout the merger project. Four agreements have been signed in this respect with a majority of representative trade union organizations in 2021 and 2022, indicates the Group.
Socit Generale: what will change for Crdit du Nord customers in 2023
And after that?
While all of the management teams have already been appointed, both at headquarters and in the regions, the legal merger is just one more step in bringing the two networks closer together. Initiated in 2020, the latter should continue at least until 2025according to the schedule set by the Group.
However, several steps will be taken from 2023. Starting with the computer migration of the banks of the Crdit du Nord group to the information system of Socit Generale. These operations will take place in two stages during the first half of 2023, indicates Socit Generale.
Next will come the groupings of agencies, which will begin in the second half of 2023 with the closure of 150 points of saleis around 30% of the total objective. 80% mergers will be carried out by the end of 2024, and 100% before the end of 2025, specifies the Group.
Finally, the new brand will be gradually deployed on the facades of the agencies. By the end of 2023, 1000 agencies should already display the initials SG on their pediment. At the same time, an advertising campaign will accompany the launch of the new brand from January 15 until the end of the year.
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New model
With the launch of SG, the Socit Gnrale group hopes to become a leading banking partner on the French market and offer the services of its new brand. 10million customers. But not only. The red and black bank has reviewed its relational model and wishes to climb into the Top 3 of customer satisfaction.
To achieve these objectives, SG relies on more responsiveness. Each regional brand should thus benefit from more autonomy. Decision-making circuits will be shorter. And the arbitrations will be carried out in their vast majority at the regional level, or even directly in an agency, indicates the Socit Generale group.
SG also wishes to become a expertise bank. With, in particular, the establishment of a heritage bank, the generalization of the single adviser for professional customers and the deployment in the specialist advisors by customer category or by specific needs (insurance, savings, real estate financing, etc.).
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