Societe Generale announces the signing of a definitive agreement between Boursorama and ING to offer the best alternative banking solution to ING’s retail customers in France
Societe Generale announces the signing by Boursorama of a definitive partnership agreement with ING to offer ING's online banking customers in France the best alternative banking solution, with a simplified subscription process and exclusive offers on underwritten products and services.
The signing of the definitive agreement on 4 April 2022 follows ING’s decision to withdraw from the retail banking market in France. Boursorama will therefore provide exclusive offers reserved for ING's retail customers in France and dedicated support.
With more than 3.3 million customers at end-December 2021, this agreement will further strengthen Boursorama's leadership position in France. With development focused on new customer expectations, Boursorama has distinguished itself by obtaining the highest customer recommendation score1 among French banks in 2021.
The operation will have a very limited impact on the Societe Generale Group's CET1 ratio.
The offers provided will concern day-to-day banking (current accounts and credit cards), savings accounts, life insurance products and securities accounts. However, ING France retail lending portfolio (mortgages and consumer loans) are not part of the scope of the agreement.
Benoit Grisoni, Chief Executive Officer of Boursorama, said: “We are delighted to welcome ING's customers and to support them in their future projects with the promise of a recognised digital experience on a comprehensive offer of high-performing products and the lowest fees in the market. This agreement will strengthen the undisputed position of Boursorama as a leader in French online banking, whose organic growth has never been so strong, with a record of 100,000 new customers onboarded each month since last November.”
Frédéric Oudéa, Chief Executive Officer of Societe Generale, said: “This agreement is a new milestone in the development of Boursorama and further strengthens its pioneering and unique model which has demonstrated its ability to meet the needs of customers and to expand very rapidly. This agreement will help accelerate the strong growth of Boursorama which is aiming for more than 4 million customers at end-2022, one year ahead of its onboarding plan.”
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Note to editors:
1 Net Promoter Score or NPS is an indicator which measures the recommandation by clients for a brand. Ranking established by Bain & Company in December 2021.