(hooly-news.com) – Societe Generale has announced the acquisition of Shine, the neobank of entrepreneurs. Much more than a bank, Shine offers them a 100% online pro account as well as a real co-pilot to support them in their administrative procedures (invoicing, calculation of charges, accounting simplification, etc.) and allow them to focus on their activity. and their success. It will continue to develop independently with the aim of supporting new customers.
Societe Generale will also distribute the Shine offer to Professional customers who prefer 100% online management and services at a lower cost. When the activity and needs of its customers evolve, Societe Generale will allow them to benefit from a more extensive offer including recourse to the expertise of advisers, without changing banks and in a seamless continuum.
The transaction will have a non-significant impact on the Societe Generale group’s hard capital ratio (CET1).
Beyond the complementary nature of the offers, the merger between Société Générale and Shine will allow the development of broad synergies at Group level. Thus, solutions such as credit, insurance, or payments may be offered to neobank customers in accordance with Shine’s mission to always simplify the banking experience for entrepreneurs.
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Finance – Banks
Life is hard for European banks! The latter are first subject to very strict regulation, which imposes capital and liquidity constraints on them (Basel III). American banks, which do not have these constraints, generate higher margins and dominate the lucrative niche of investment banking. In addition, low or zero interest rates weigh on profitability. Added to this is competition from Fin Tech and Gafa. Moreover, large establishments are buying fintechs to counter this technological threat. But the fight against Facebook or Google, which offer free services by paying for the use of payment data, looks very complex.
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