Following ING’s decision to exit the French retail banking market, Societe Generale announces that Boursorama has signed a Memorandum of Understanding (MOU) with ING to offer ING’s online banking customers in France the best alternative banking solution, with dedicated customer journey and support conditions.
„Depending on the product, the offer would include special welcome packages and streamlined sign-up process for ING customers who would choose to become Boursorama’s customers,” according to the press release.
The final agreement would cover day-to-day banking products (current accounts and credit cards), savings accounts, life insurance products and securities accounts. Regarding life insurance, a product where ING, like Boursorama, acts as a broker with Generali Vie, the terms of policies will remain unchanged, meaning customers can keep their investments, accrued tax advantages and designated beneficiaries.
The scope of the agreement will not include ING France retail lending portfolio (mortgages and consumer loans). Mortgages will continue to be managed by ING, which will take a decision about consumer loans separately.
The two parties intend to reach a final agreement by April 2022.
This transaction would have a very limited impact on the Societe Generale group’s CET1 ratio.
After a record year in 2021 with the acquisition by Boursorama of over 800,000 new customers, this proposed agreement to offer a solution to ING’s retail banking customers would consolidate Boursorama’s leadership position in France.
Benoit Grisoni, Chief Executive Officer of Boursorama, said: “We are convinced Boursorama can deliver the best alternative banking solution to ING customers looking for a 100% mobile model, thanks to our commitment to the lowest fees on the market and toour recognized digital experience on a full range of high-performance products.”
Frédéric Oudéa, Chief Executive Officer of Societe Generale, commented: “We are delighted to accelerate and to go a step further with Boursorama’s impressive development. We are constantly supporting its pioneering and differenciating business model. In 2021, Boursorama consolidated its undisputed leading digital bank position in France, with more than 3.3 million customers at year end 2021. The signing of this agreement would allow us to accelerate Boursorama’s growth path further.”
Banking 4.0 – „how was the experience for you”
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Many more interesting quotes in the video below:
