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

Russia denies plans of blocking YouTube & cutting off from the internet

Russia denies plans of blocking YouTube & cutting off from the internet

By Nikita Chaurasia

The Digital Development Minister of Russia has reportedly stated that the country is not planning to block Google’s video streaming platform YouTube as such a move would affect its users and will therefore be avoided.  It is worth notin...

Indian food delivery giant Swiggy to buy Dineout from Times Internet

Indian food delivery giant Swiggy to buy Dineout from Times Internet

By Nikita Chaurasia

Swiggy, an Indian food delivery giant, has recently announced an agreement with Times Internet to buy Dineout, a dining and restaurant technology platform. Swiggy will use the acquisition to enter the dining out (non-delivery) market, where it will c...

Grocery delivery platform Instacart files for U.S. stock market debut

Grocery delivery platform Instacart files for U.S. stock market debut

By Nikita Chaurasia

Instacart, a grocery delivery service, has announced that it has submitted a provisional registration statement with the Securities and Exchange Commission (SEC), clearing the way for the company to list its shares on the U.S. stock exchange. The ...

Tyson Foods improves annual sales outlook as meat prices surge in U.S.

Tyson Foods improves annual sales outlook as meat prices surge in U.S.

By Nikita Chaurasia

American food major Tyson Foods Inc. has reportedly improved its full-year sales outlook after witnessing better-than-expected earnings and revenue in the last quarter. The company raised its full-year sales to around USD 54 billion, above the averag...

EU likely to enforce new rules to regulate tech giants in spring 2023

EU likely to enforce new rules to regulate tech giants in spring 2023

By Nikita Chaurasia

The Executive Vice President of the European Commission Margrethe Vestager reportedly claimed that the union is likely to start enforcing the Digital Markets Act (DMA) in the spring of 2023. The antitrust legislation, which aims to limit the power of...