Société Générale and Crédit Mutuel Arkéa announce the signing of a Memorandum of Understanding (MOU) for the sale of the Holding-Custody Account (TCC) delegation activity dedicated to the Retail Banking segment in France (Retail), operated by Societe Generale Securities Services. This activity includes the management of securities transactions, coupon and dividend payments, as well as the holding of Ordinary Securities Account (CTO) and Equity Savings Plan (PEA) positions.
Crédit Mutuel Arkéa would carry out this acquisition via ProCapital, its subsidiary specialized in Custody Account Maintenance (TCC) and more broadly in white label investment services, which offers financial savings players services allowing them to outsource all or part of their securities activities, in a secure framework and compliant with regulatory requirements. As part of this protocol, ProCapital would thus become the title business service provider for the SG Network in France, BoursoBank and Societe Generale Private Banking in France.
Frédéric Diverrez, Director of the Technology and Services division, member of the Executive Committee of Crédit Mutuel Arkéa: “This acquisition project is a structuring step in the implementation of our strategic plan, Faire 2030. It concretely illustrates our ambition to open up our business model and our desire to significantly accelerate, by 2030, in the market for white-label banking services. By strengthening our capabilities in Retail Custody Account Management, we are consolidating a recognized know-how and gaining volume on a business with high technological and regulatory intensity. This operation would allow us to deploy our banking expertise more widely in the service of the development of our B2B partners as well as Group entities, by offering them innovative, efficient and robust solutions. It is part of a broader trajectory aimed at making our specialized subsidiaries essential references in their markets. Our ambition is clear: to sustainably strengthen the position of Crédit Mutuel Arkéa among the leaders in banking outsourcing, by combining innovation and operational excellence.
Arnaud Jacquemin, Director of Société Générale Securities Services (SGSS): “This sale project is fully in line with SGSS’ strategy, and we are convinced that Crédit Mutuel Arkéa will be the best shareholder to support the development of this activity. Like its peers, SGSS is thus refocusing on wholesale customers: the Group’s ongoing investments in securities services will therefore be focused on these clients, enabling them to be always better supported in their development and maintain a high quality of service which makes SGSS a leading player in this field.
This project will be subject to the applicable social procedures and approval by the competent authorities. The finalization of the project is expected in 2028.
