France-based financial services group Societe Generale and Skandinaviska Enskilda Banken (SEB), a Sweden-based financial group, have signed an agreement to take over all of the corporate banking activity managed in France by the Swedish bank by the end of December 2010.
According to Societe Generale, the takeover of SEB France’s franchise, made up of 300 corporate clients, and mainly subsidiaries of Scandinavian companies, which opens up the prospect of improving its penetration of the North European market.
Societe Generale said it will pay particular attention to assisting its new customers during the transfer operation and will make sure that the companies have the best account and cash management service solutions.
The takeover of the franchise will be accompanied by the integration of all SEB France employees in Societe Generale Group.
The operation is part of Societe Generale’s strategy of continuing to develop its commercial banking relations with European companies.