Societe Generale announced that it has signed a memorandum of understanding with Crédit Mutuel Arkéa for the divestment of the retail business of its securities services unit, Societe Generale Securities Services (SGSS), marking a strategic shift toward focusing on wholesale clients.
The transaction covers SGSS’s custody account-keeping delegation activity dedicated to the French retail banking segment, including the management of securities transactions, dividend and interest payments, and the holding of positions in ordinary securities accounts and equity savings plans.
Crédit Mutuel Arkéa plans to complete the acquisition through its subsidiary ProCapital, which specializes in custody account-keeping and white-label investment solutions. Following the transaction, ProCapital is expected to become the securities services provider for Societe Generale’s French retail network, BoursoBank, and Societe Generale Private Banking in France.
The deal aligns with Societe Generale’s broader strategy to streamline its securities services operations and concentrate investments on wholesale clients, while enabling Crédit Mutuel Arkéa to expand its capabilities in banking outsourcing and white-label services under its “Faire 2030” strategic plan.
The proposed transaction remains subject to employee consultation processes and regulatory approvals, with completion expected in 2028.
KEY QUOTES:
“This proposed divestment is fully in line with our SGSS strategy, and we are convinced that Crédit Mutuel Arkéa will be the best shareholder to foster the development of this business. On par with our peers, SGSS is refocusing on wholesale clients: the Group’s ongoing investments in securities services will therefore be concentrated on these clients, enabling us to better support their development and maintain a high quality of service that makes SGSS a recognized player in this area.”
Arnaud Jacquemin, Head of Societe Generale Securities Services (SGSS)
“This acquisition project is a structuring step in the implementation of our Faire 2030 strategic plan. It concretely illustrates our goal to open up our business model and our desire to accelerate significantly, by 2030, in the white-label banking services market. By strengthening our capacities in Retail Securities Custody Account-Keeping, we are consolidating recognised know-how and increasing volume in a business with high technological and regulatory intensity. This transaction would enable us to deploy our banking expertise more widely to support the development of our B2B partners and Group entities, offering them innovative, high-performing and robust solutions. It is part of a broader trajectory aimed at making our specialised subsidiaries essential references in their markets. Our goal is clear: to sustainably strengthen Crédit Mutuel Arkéa’s position among the leaders in banking outsourcing, by combining innovation and operational excellence.”
Frédéric Diverrez, Head of Technologies and Services Division and Member of the Executive Committee of Crédit Mutuel Arkéa
