Societe Generale has transferred all of its Crédit du Nord customers to “SG”

The first phase is completed. The Societe Generale group, engaged in the merger of its two retail banking networks in France, completed this weekend the transfer of all of its customers to its new bank, SG, he announced on Tuesday. “The operations of the second IT migration were successfully carried out on the weekend of May 13 and 14, according to the schedule initially set”, welcomed the bank in a press release.

They concerned five establishments of the Crédit du Nord group: Banque Courtois, Crédit du Nord, Banque Kolb, Société Marseillaise de Crédit and Société de Banque Monaco, which are disappearing. The first half, relating to the customer portfolio of the Laydernier, Nuger, Rhône-Alpes and Tarneaud banks, was carried out on March 11 and 12.

Planned job cuts

The merger between the retail banking networks, which has been legally effective since the start of the year, has therefore completed its crucial technical phase. But as its name suggests, the “Vision 2025” project, overseen by departing deputy general manager Sébastien Proto, is far from over. It is accompanied by a fairly drastic reduction in the number of branches – 1,450 branches in 2025 against 2,100 five years earlier – and 3,700 job cuts, an “effort” distributed between 2023 (around 30%), 2024 (50%), 2025 (20%), without forced departure.

If savings are expected in the years to come, the bill for the merger is steep: between 700 and 800 million euros. The amount expensed in the first quarter of this year, 140 million euros, even exceeds retail banking profits over the period (138 million euros).

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