Societe Generale entered into an exclusive agreement with Ageras with a view to sell Shine

Published on 19/06/2024

Societe Generale Group entered into an exclusive agreement with Ageras, with a view to sell its subsidiary Shine, which offers an online business account for small corporates and entrepreneurs.

This proposed sale contributes to the simplification of Societe Generale. It allows the Group to refocus on SG, its retail banking network in France, to continue developing the professional customer segment. As part of its roll-out, SG is relying on a new model dedicated to this core market based on the expertise of advisors and omnichannel offers to support professional customers in branch or remotely.

Ageras would take over all of Shine's activities as well as all its employees. This project will be subject to the applicable social procedures, the usual conditions precedent, and the approval of the relevant financial and regulatory authorities. The project is expected to be completed in the first half of 2025.

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