Société Générale and Crédit Mutuel Arkéa have signed a memorandum of understanding for the sale of Société Générale Securities Services’ (SGSS) custody account‑keeping delegation activity serving the French retail banking market.
The move comes as SGSS sharpens its focus on wholesale clients. SGSS head Arnaud Jacquemin said the Group’s investments in securities services will now be concentrated on this segment, “enabling us to better support their development and maintain the high quality of service that makes SGSS a recognized player in this area.”
“This proposed divestment is fully in line with our SGSS strategy, and we are convinced that Crédit Mutuel Arkéa will be the best shareholder to foster the development of this business,” he added. “On par with our peers, SGSS is refocusing on wholesale clients.”
The activity being sold covers the management of securities transactions, interest and dividend payments, and the holding of positions in Ordinary Securities Accounts (CTOs) and Equity Savings Plans (PEAs).
