France’s Societe Generale to close 600 branches
Covid-19 pandemic has accelerated the shift to online banking across Europe
07 December 2020 - 16:04
Paris — France’s Societe Generale on Monday accelerated plans to boost profitability by merging its two retail banking networks, resulting in the closure of 600 of its nearly 2,100 branches by 2025.
With low interest rates continuing to crimp lending income and retail banking margins, France’s third-biggest listed lender said the merging of the two networks would save more than €350m in costs in 2024 and nearly €450m in 2025...
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