(AOF) – Societe Generale and Crédit du Nord are taking a new step in the project to bring the two networks together by announcing today the new brand system for the future retail bank in France, operational from 2023, and the appointment of its future regional directors.
The chosen system is a new national SG brand associated with ten regional brands: SG Crédit du Nord, SG Grand Est, SG Laydernier, SG Auvergne Rhône Alpes, SG SMC, SG Courtois, SG Sud Ouest, SG Tarneaud, SG Grand Ouest and SG Société Générale in Ile-de-France and Corsica.
Sébastien Proto, Deputy Managing Director, in charge of the Societe Generale, Crédit du Nord, Private Banking networks and their Innovation, Technology and IT Department, comments: “We are making progress with this merger in accordance with the planned schedule and in compliance with all of the commitments we have made to our customers and our employees”.
As part of the active preparation for the merger, the banking group announces the appointment of future managers of the regions who will now have the task of preparing the establishment of their future entity before taking on effective responsibility at the time of the legal merger in January 2023.
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– Bank born in 1864, one of the leading European financial services groups;
– Net banking income of €24.67 billion generated by retail banking in France – Societe Generale and Boursorama brands, international retail banking, financial services and insurance, then wholesale banking and investor solutions ;
– Business model claiming the vanguard of positive transformations: a 100% digitized bank, open platforms and architectures, a winner in the race for European leadership;
– Capital characterized by the presence of employee shareholders (6.17% and 10.9% of voting rights), with a 12-member Board of Directors chaired by Lorenzo Bini Smaghi, Frédéric Oudéa being Chief Executive Officer;
– Solid balance sheet with €69 billion in equity and a CET 1 ratio of 13.4% at the end of September 2021.
– Vision 2025 strategy, based on the merger with Crédit du Nord, local roots, responsiveness, adaptation to customer needs and responsibility;
– Innovation strategy rooted in the group’s DNA, articulated between the integration of artificial intelligence and data in all branches, open innovation to transform business models by branch and offer services with external partners and, finally, anticipation in terms of agility and speed: internal innovation grouped together on the Les Dunes site / open innovation – aid for financial start-ups and incubators;
– Environmental strategy aiming to become the world leader in sustainable finance via the new dedicated CSR department: objective of €120 billion in financing for the energy transition in 2023 by stopping, since 2017, financing dedicated to coal-fired power plants or associated infrastructure and through innovation in “green” credit products / environmental and social analysis of financed companies and advice to ETIs in financing the energy transition / strengthening of SRI savings offers / 2 priorities: climate change and support for sustainable development in Africa / 10% reduction in exposure to the oil/gas extraction sector by 2025;
– Execution of the profitable growth strategy for the Large Customers division aiming for a profitability of more than 10% by 2023.
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Societe Generale unveils new brands for retail banking in France
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