Societe Generale has announced that its subsidiary Boursorama has signed a memorandum of understanding (MOU) with ING to offer ING’s online banking customers in France the best alternative banking solution with the dedicated customer journey and support conditions.
The final agreement will cover day-to-day banking products (current accounts and credit cards), savings accounts, life insurance products, and securities accounts. Regarding life insurance, a product where ING, like Boursorama, acts as a broker with Generali Vie, the terms of policies will remain unchanged, meaning customers can keep their investments, accrued tax advantages, and designated beneficiaries.
The two parties intend to reach a final agreement by April 2022. After a record year in 2021 with the acquisition by Boursorama of over 800,000 new customers, this proposed agreement to offer a solution to ING’s retail banking customers will consolidate Boursorama’s leadership position in France.
Benoit Grisoni, Chief Executive Officer, Boursorama, said: “We are convinced Boursorama can deliver the best alternative banking solution to ING customers looking for a 100% mobile model, thanks to our commitment to the lowest fees on the market and our recognized digital experience on a full range of high-performance products.”