Following ING’s decision to withdraw from the French retail banking market, Societe Generale announces that Boursorama has signed a Memorandum of Understanding (MOU) with ING to offer ING’s online banking customers in France the best alternative banking solution, with a dedicated customer journey and support conditions.
Depending on the product, the offer would include special welcome packages and a simplified registration process for ING customers who choose to become Boursorama customers.
The final agreement would cover day-to-day banking products (current accounts and credit cards), savings accounts, life insurance products and securities accounts. Regarding life insurance, a product where ING, like Boursorama, acts as a broker with Generali Vie, the conditions of the policies will remain unchanged, which means that customers will be able to keep their investments, the tax advantages accumulated and the beneficiaries appointed. The scope of the agreement will not include ING France’s retail loan portfolio (mortgages and consumer loans). Mortgage loans will continue to be managed by ING, which will decide consumer loans separately.
Both parties aim to reach a final agreement by April 2022.
This transaction would have a very limited impact on the Societe Generale group’s CET1 ratio.
Strengthening of online banking leadership in France
After a record year in 2021 with the acquisition by Boursorama of more than 800,000 new customers, this draft agreement to offer a solution to ING’s retail banking customers would consolidate Boursorama’s leading position in France.
Benoit Grisoni, CEO of Boursorama Boursorama, said: “We are convinced that Boursorama can provide the best alternative banking solution to ING customers looking for a 100% mobile model, thanks to our commitment to the lowest rates in the market and our recognized digital offer. experience on a complete range of high-performance products.
Frédéric Oudéa, Chief Executive Officer of Societe Generale, declared: “We are delighted to accelerate and go even further in the impressive development of Boursorama. We constantly support its pioneering and differentiating economic model. In 2021, Boursorama consolidated its undisputed position as the leading digital bank in France, with more than 3.3 million customers at the end of 2021. The signing of this agreement would allow us to further accelerate Boursorama’s growth trajectory.