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SocGen to close 600 branches

SocGen to close 600 branches

Societe Generale is set to close 600 branches as it combines its French retail operations with its Credit du Nord subsidiary and looks to grow its digital unit, Boursorama.

The bank says it will reduce its network to about 1500 branches by the end of 2025 in a move designed to save EUR450 million a year.

The merger will "offer the best combination of human expertise and digital prowess," says a statement, with IT investments focussed on a single system leading to better, more personalised services for customers.

Meanwhile, SocGen has set its online bank unit Boursorama the target of expanding its customer base from 2.5 million to 4.5 million by 2025.

Frédéric Oudéa, CEO, SocGen, says: “In a changing French market undergoing several developments accelerated by the Covid crisis, we are today confirming our ambition to differentiate the Group by building a unique French retail banking model based on two strong and complementary pillars.

"On the one hand, the combination of our networks allows us to build a first-rate bank combining human expertise with digital prowess, positioned as the champion of savings and the leading bank for corporates and professionals with nearly 10 million customers. Our teams on the ground and at headquarters are proactively involved in a value-creating project for our customers and employees.

"On the other hand, we are bringing the differentiating model of Boursorama to maturity to make it one of the leading banks in France with 4.5 million customers by 2025, a leading position in terms of satisfaction, and high profitability."

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