Boursorama, a subsidiary of Societe Generale, has started exclusive discussions to assess the possibility of offering banking solutions to Dutch rival ING’s retail customers in France.
A Memorandum of Understanding (MoU) was signed between the two parties to discuss the possibility.
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The move comes after ING announced its plans last month to pull the plug on its retail banking operation in France following a strategic review.
Boursorama and ING aim to sign a definitive agreement by April 2022.
The exact scope of the definitive agreement is yet to be finalised. It could cover daily banking services such as current accounts and cards, as well as savings and investment products offerings that include assurance vie & brokerage.
The Dutch lender’s France retail lending portfolio of mortgages and consumer loans will not be a part of the agreement.
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By GlobalDataING will continue to manage the mortgages and a decision on consumer loans is yet to be made.
Both lenders will come together to offer an alternative banking solution to ING’s customers, who can become customers of Boursorama and benefit from a smooth transition.
ING stated that customers are not required to take any action at this time and they will be informed individually before changes are made.
The bank’s exit from the French retail market will impact 460 employees who will be compensated through a social plan.
The lender will continue to operate its wholesale banking operation in France.
