Societe Generale and Crédit du Nord Group merge into SG

Monday 9 January 2023 14:34 CET | News

Societe Generale Group has completed the legal merger of its two French Retail Banking networks, Societe Generale and Crédit du Nord Group.

SG is now the Group’s new French Retail Banking. The bank SG aims to build a banking partner on the French market serving ten million customers and be in the Top 3 of customer satisfaction.

Societe Generale Group has completed the legal merger of its two French Retail Banking networks, Societe Generale and Crédit du Nord Group.

The completion of the merger is accompanied by the implementation of a new relationship model, which will improve the quality of service provided to individual, business, and corporate customers and establish itself as a player in the French market in terms of savings, insurance, and solutions for businesses and professionals.

SG’s commitments

SG is a bank with a greater regional presence, with the vast majority of decisions taken at regional level, and increasingly directly in branches and business centres. All customers will benefit from an increased number of points of sale, multiplied by more than two for customers from Crédit du Nord Group and increased by 15% for Societe Generale customers.

It is also an expertise bank, with systems adapted to the specific needs of the different categories of customers.

It is an accessible and responsive bank, with shorter decision-making circuits to speed up decision-making and response time to customer requests, state-of-the-art digital services enabling it to carry out its day-to-day banking operations remotely, in a secure manner, and to subscribe more and more offers by the mobile application.

More information about the merger

Initiated in 2020, the merger of the two networks has mobilised thousands of employees, at all levels of the bank, to define the new banking model. It is carried out in compliance with all the commitments made at the launch of the project, in particular that of not leaving any city and to carry it out in the context of constructive industrial relations. Four agreements were signed in this respect with a majority of representative trade unions in 2021 and 2022.

The new SG brand will be gradually deployed on the facades of the bank’s branches, with a first step of 1,000 branches affected by the end of 2023. To support the launch of the new bank SG, an advertising campaign will start from 15 January and will continue throughout the year.

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Keywords: banks, financial services, financial institutions, digitalisation
Categories: Banking & Fintech
Companies: Societe Generale
Countries: France
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