Societe Generale, Credit du Nord to merge networks

Monday, 07. December 2020 08:40

French bank Societe Generale SA announced on Monday its strategic initiative to merge retail networks with Credit du Nord and form a new entity that will serve 10 million customers.

According to the plan, there is a net cost base reduction of about €450 million projected for 2025, compared to 2019. The cost of the merger project is estimated not to exceed €800 million, with about 70% of the total cost projected for 2021.

The new group has nearly 2,100 banking branches in France at the moment, but the plan is to reduce this number to approximately 1,500 by the end of 2025.

Related Links: Société Générale S.A.
Baha Breaking the News (BBN) / CG