PARIS (Reuters) -French bank Societe Generale (OTC:SCGLY) and Dutch rival ING said they were discussing the possibility of serving ING's online banking customers in France via SocGen's Boursorama, after ING's decision to quit the French market.
"Following ING's decision to exit 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," SocGen and Boursorama said in a statement.
ING had already announced last December that it would leave the French retail banking business while continuing to operate in the country's whole banking business.
"The exact scope of the definitive agreement remains to be specified and would concern daily banking (current accounts and cards), savings and investment products (assurance vie & brokerage)", ING said in a separate statement.
The two parties intend to reach a final agreement, which would have a very limited impact on SocGen's core equity tier one (CET1) capital ratio, by April 2022.
ING said that, for its workbase of around 460 employees at its French retail business, a plan had been agreed with unions and approved by the French Ministry of Labour.