Dutch bank ING and Boursorama, a subsidiary of Societe Generale, have reached an agreement to cater to ING’s retail customers in France.
The definitive agreement will allow ING’s customers to transfer to Boursorama and gain access to exclusive offers.
It is aimed at strengthening Boursorama’s position in the French banking market, where it had 3.3 million customers at the end of 2021.
The agreement follows ING bank’s announcement in December 2021 to exit the French retail banking market. The withdrawal is expected to be complete by the end of this year.
Services provided by Boursorama will cover everyday banking services such as current accounts, credit cards, savings accounts, securities accounts, and life insurance products.
ING France’s retail loan portfolio of mortgages and consumer loans is not covered by the agreement.
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ING member of the management board of banking and head of challengers & growth markets Aris Bogdaneris said: “We are pleased with the agreement with Boursorama. There will be a package of attractive offerings for our retail customers in France. We are confident that Boursorama offers highly regarded digital services that our customers value.”
Notably, ING’s move will impact around 460 employees. The bank has reached an agreement on a social plan for them with local unions.
The plan has also been approved by the French Ministry of Labour.
Boursorama CEO Benoit Grisoni stated that the agreement will strengthen the bank’s position in the French online banking space.
Societe Generale CEO Frédéric Oudéa said: “This agreement is a new milestone in the development of Boursorama and further strengthens its pioneering and unique model which has demonstrated its ability to meet the needs of customers and to expand very rapidly.
“This agreement will help accelerate the strong growth of Boursorama which is aiming for more than four million customers at end-2022, one year ahead of its onboarding plan.”