Societe Generale and Crédit du Nord Create a New Bank to Facilitate Retail Banking Network Merger
Societe Generale and Crédit du Nord today announced the new branding of the future French retail bank, operational as of 2023, as well as the appointment of future Regional Directors, which has marked another step forward in their plan to merge the two retail banking networks.
2022 is the year of the finalisation of the prepared merger of the Societe Generale and Crédit du Nord retail banking networks, with the legal implementation taking place on 1 January, 2023. Following the completion of several major milestones since December 2020, with the presentation of the detailed model of the future bank, advances in IT work, and the conclusion of several key human resources agreements with staff representative bodies, the Group is presenting the branding of its future retail bank in France.
Resulting from the merger of the Societe Generale network and the banks of the Crédit du Nord group, the new brand aims to create a new leader, closely attuned to the expectations of its 10 million customers.
The identity chosen is a new national SG brand coupled with ten regional brands: SG CREDIT DU NORD, SG GRAND EST, SG LAYDERNIER, SG AUVERGNE RHÔNE ALPES, SG SMC, SG COURTOIS, SG SUD OUEST, SG TARNEAUD, SG GRAND OUEST and, in the Ile-de-France (Paris) region and Corsica, SG SOCIETE GENERALE.
This new branding is the result of a collaborative approach which notably included staff of the two banks from a diverse range of professional horizons. This extensive collaborative process was launched to address the issues of innovation, dynamism and staff inclusion.
The regional branding will be rolled out at the various customer contact points (branches, digital applications, payment methods, print materials, etc.) as of January 2023. The deployment of this new branding will take place in line with all of Societe Generale group's environmental commitments, particularly in terms of lighting and the choice of materials.
As part of the active preparation of the merger, the Group has also announced the appointment of the future Regional Directors, who will now oversee the preparation and implementation of their future entity, assuming effective responsibility at the time of the legal merger in January 2023.
Sébastien Proto, Deputy General Manager in charge of the Societe Generale, Crédit du Nord, and Private Banking networks and their Innovation, Technology, and IT division, said: "We are moving forward with this merger in line with the planned timeline and in respect of all the commitments we have made concerning our clients and our staff. We provide a new example today with this new brand strategy, whose process of definition directly included staff from both banks and is true to the respective histories and strengths of both networks. It embodies our values and, together, what we want to offer our customers: the strength of a major international group combined with the proximity of a bank with firm local roots – that is to say, the best of our two brands to strengthen the quality, relevance and responsiveness of the services we offer our customers. The appointments announced today are equally in line with our commitment to ensure a balance in the nominations between the two banks, coherent with the respective weight of each brand, and with our aim to advance as efficiently as possible in the preparation of the final steps before the legal merger in January 2023."
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