French Societe Generale to Close 600 Branches by 2025... Promoting Internet Banking
Subsidiary Credit du Nord Merger... 2,100 Branches Reduced to 1,500 in 5 Years
Internet-Only Bank 'Boursorama' Customers to Grow from 2.5 Million to 4.5 Million by 2025
[Asia Economy Reporter Lim Cheol-young] France's Societe Generale (SG) will close 600 branches by 2025.
On the 7th (local time), AFP news agency and daily Le Figaro reported that this closure plan is a necessary measure in the process of merging SG's subsidiary Credit du Nord.
Through this merger, SG plans to reduce the number of branches from 2,100 at the end of this year to about 1,500 by 2025 and to use a single system starting in 2023.
SG expects to save costs of 350 million euros in 2024 and 450 million euros in 2025 accordingly.
On the other hand, the affiliated internet-only bank Boursorama plans to increase its customers from 2.5 million this year to 4.5 million by 2025.
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SG, the third largest bank in France, recorded a loss of over 1 billion euros in the first half of this year alone and has launched a structural reform to improve profitability.
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