The Socit Gnrale and Crdit du Nord merger drives down bank rates

The main French bank rates remained stable or fell at the start of the year, according to the Observatory of Banking Rates (OTB), which points out that the merger of the Societe Generale and Crédit du Nord networks resulted in decreases “ in some cases going so far as to erase price increases made by other establishments”.

Six tariffs were lowered between December 31, 2022 and January 5, 2023, after the banks updated their grids, revealed Thursday this observatory which emanates from a body, the Advisory Committee of the financial sector (CCSF), where equal representatives sit. financial institutions and customers, parliamentarians and union representatives.

The contribution to a loss or theft insurance offer for means of payment, and the account maintenance rate have experienced the largest decreases, with respectively -3.56% (93 euro cents per month) and -3.30 % (70 cents less).

But in these two cases, the price reductions applied to customers of the Crdit du Nord group alone explain the drop in average prices, underlines the Observatory.

The merger of the Socit Generale and Credit du Nord networks on January 1, in a new network called SG, has allowed significant reductions for Credit du Nord customers, ranging from -10% to 67%, explains the organization.

Banks at the rendezvous of the defense of purchasing power

These price cuts have had a strong impact on OTB’s average prices, in some cases going so far as to erase price increases made by other establishments and making it possible to post lower prices, underlines the Observatory.

Eight tariffs are stable, including two that remain free: direct debits and internet transfers.

French banks are at the rendezvous of the defense of the purchasing power of the French, welcomed in a statement to the French Banking Federation, recalling that for all goods and services, inflation is estimated 6% over one year in January 2023.

At the start of the year, a study by the CLCV association, using a different methodology, had pointed to a very slight increase in bank rates, well below inflation, in accordance with the profession’s commitments made last September.

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