Société Générale purchases Shine to expand retail banking portfolio

By Nikita Chaurasia  Date: 2020-07-02

Société Générale purchases Shine to expand retail banking portfolio

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/

About Author

Nikita Chaurasia     aeresearch.net

Nikita Chaurasia

An accomplished professional in the field of content development, playing with words comes naturally to Nikita Chaurasia. After completing her post-graduate MBA degree in Advertising and PR, Nikita worked across numerous content-driven verticals, undertaking diverse r...

Read More

More News By Nikita Chaurasia

France might ban short domestic flights to reduce its carbon footprint

France might ban short domestic flights to reduce its carbon footprint

By Nikita Chaurasia

French lawmakers recently came to a unanimous decision to ban domestic flights for distances that can be covered by train in over two-and-a-half- hours. The country aims to impose these restrictions in an effort to reduce carbon emissions, even as th...

Kavak secures USD 485 million in funding, eyes Latin America expansion

Kavak secures USD 485 million in funding, eyes Latin America expansion

By Nikita Chaurasia

Kavak, a Mexico-based used-car platform, has reportedly reached a valuation of USD 4 billion after securing USD 485 million during a new funding round. This makes it the fastest-growing as well as the most valued company in Latin America. The latest...

Zydus seeks DCGI approval for PegIFN drug to treat COVID-19 patients

Zydus seeks DCGI approval for PegIFN drug to treat COVID-19 patients

By Nikita Chaurasia

Indian pharmaceutical company Zydus Cadila is reportedly seeking approval from DCGI (Drug Controller General of India) for its PegIFN (Pegylated Interferon Alpha-2b), a hepatitis C drug, to treat COVID-19 patients, after its third phase of clinical t...

LinkedIn confirms launch of a social audio platform to rival Clubhouse

LinkedIn confirms launch of a social audio platform to rival Clubhouse

By Nikita Chaurasia

LinkedIn, the popular employment-oriented online service, has confirmed that it is testing a social audio experience in its app which could offer users with better connectivity in their networks. Although several social media giants such as Twitter ...

Pfizer begins Phase-1 trials of oral COVID-19 antiviral drug in U.S.

Pfizer begins Phase-1 trials of oral COVID-19 antiviral drug in U.S.

By Nikita Chaurasia

Pfizer Inc., an American multinational pharmaceutical corporation, has recently announced to have started the early phase trials for its oral antiviral drug for Coronavirus. The company revealed that first phase trials of the experimental drug, PF-07...