Responsible Finance
Published on 16/10/2014
Solidarity-based finance: Societe Generale expands its product range

Solidarity-based finance: Societe Generale expands its product range

The Group was one of the first banks to offer its customers solidarity-based financial products. Now it is actively seeking to respond to its customers' growing interest in collective initiatives.

engagement, finance, solidarité, Société Générale

Solidarity-based products and services offered to Societe Generale's customers include the Charity credit card collection, the Solidarity-Based Savings Service, the Filigrane loyalty programme and the Mentoring scheme. Thanks to the generosity of its customers, Societe Generale transferred over €1.4 million to nearly 50 partner associations in 2013, a 9% increase over 2012. In 2014, Societe Generale expanded its solidarity-based finance range to reach a wider audience and to reinforce its corporate citizenship.

What's new in 2014?

Four new charities joined the Solidarity-Based Savings Service: UNICEF, Reporters Without Borders, Solidarité Nouvelle Face au Chômage (a charity that supports job seekers) and AFM Téléthon. Presented in partnership with Banque Française Mutualiste, the Solidarity-Based Savings Service is a free option offered on some savings accounts, including Livret A, LDD, Livret Jeune, CSL, Livret Epargne Plus and Livret BFM Avenir. It allows participating customers to donate some or all of their earned interest to one, two or three organisations chosen from a list of 40 partner charities.

The Filigrane loyalty programme, available as part of the Jazz package, has allowed customers to support the Secours populaire français humanitarian organisation and the French Red Cross since the beginning of 2014. In response to the regulations governing sales with premiums, Societe Generale decided to apply a financial contribution of €0.25 on each gift order, which is donated in full and split equally between the Secours populaire français and the French Red Cross. Members of the loyalty programme also have the option of converting their loyalty points and donating them to a charity of their choice. Societe Generale tops up these donations by another 40%.

Societe Generale launched the Mentoring scheme in January 2014. For every account opened under the Mentoring scheme, Societe Generale donates €5 to the Secours populaire français in support of the most disadvantaged. The scheme will be renewed for 2015.

Through its partnership with SPEAR ("the Company for Actively Responsible Saving"), which is specialised in crowdfunding, Societe Generale has committed to financing projects with strong social, cultural and environmental impacts. SPEAR, a co-operative that has been granted the Finansol social finance label, deposits solidarity-based savings at Societe Generale, which in turn provides low-interest loans to project leaders. This partnership makes it easier for solidarity-based projects to receive financing and provides guaranteed transparency and security to savers, who choose how to allocate their savings when they first invest in SPEAR.