Societe Generale sells French custody service to Arkea
Societe Generale reached a deal to sell its French retail custody account-keeping service to Credit Mutuel Arkea. The deal is expected to conclude in 2028.
Société Générale S.A. has signed a preliminary agreement to divest a portion of its securities services operations in France to Crédit Mutuel Arkéa. The transaction specifically targets the bank's custody account-keeping service dedicated to the French retail banking market.
According to a press release issued on Tuesday, the sale is expected to be finalized in 2028, pending the necessary regulatory approvals. This move is part of the bank's ongoing efforts to streamline its business portfolio and focus on core strategic areas.
Societe Generale noted that the transition of the custody account-keeping service will occur over the next several years. The agreement with Crédit Mutuel Arkéa marks another step in the bank's broader restructuring plan to optimize its service offerings for both retail and institutional clients while simplifying its organizational structure.
