View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
April 5, 2022

ING seals deal with Boursorama for transfer of French retail clients

Dutch bank ING and Boursorama, a subsidiary of Societe Generale, have reached an agreement to cater to ING’s retail customers in France.

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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.

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.”

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

Topics in this article: , , ,
NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Retail Banker International