After a first half of the year in the red and while its stock market price is devastated, Societe Generale is once again forced to restructure.
On Wednesday, the group confirmed that it plans to merge the retail banking of its Crédit du Nord subsidiary (which also includes eight regional banks) and that of Societe Generale.
“A study, the principle of which has been validated by the Board of Directors, has been launched by general management”,
announced Société Générale.
Decisions should be made by the end of November.
Today, the group's retail banking activity is organized around three independent networks: Societe Generale, Crédit du Nord and the Boursorama online bank.
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This marriage should give birth to a new retail bank with 10 million customers.
Its name has not yet been finalized: either the Société Générale brand will be kept for all the entities, or a new common brand will be created.
The new structure would benefit
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