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France-based multinational investment bank Société Générale S.A. has reportedly acquired Shine, a neobank for entrepreneurs, for an undisclosed sum. According to reliable sources, the acquisition will allow the financial service provider to expand its retail banking services such as payments, insurance, and credit for small businesses as well as for VSE clients.
As per the agreement, Shine will obtain added resources from Societe Generale and will continue its independent development under the new SocGen banner. Sources also claimed that the transaction will not have a substantial impact on Societe Generale’s CET1 ratio.
Soiete Generale has developed around one hundred dedicated business centers. It has also managed to expand its services for numerous business clients, which is in line with strategic development plans of the Group.
Director of Societe Generale Retail Banking Marie-Christine Ducholet was reported saying that the acquisition of Shine will allow the company to provide its clients with better services in the high-value and growing market. She added that the two companies have similar working culture and this synergy will enable SocGen to take its Open Banking strategy to the next level.
Nicolas Reboud CEO & Co-Founder of Shine stated that the company was established to make the lives of entrepreneurs easier, while allowing them to focus on their business operations. He further added that the business model of Shine is based on responsible development, human support, and digital technology.
For those uninitiated, Shine is a neobank that offers administration and banking services to entrepreneurs. The French neobank was founded in 2018 and secured €10.8 million from XAnge, Kima Ventures, Daphni and other investors. The company currently serves around 70 thousand clients and provides an online business account.
Source Credits –
https://www.financemagnates.com/fintech/societe-generale-acquires-french-neobank-shine/
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