Société Générale and Crédit Mutuel Arkéa have signed a Memorandum of Understanding for the divestment of Société Générale securities services’ custody account-keeping delegation activity dedicated to the French retail banking segment. This activity 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).
Crédit Mutuel Arkéa would complete this acquisition through ProCapital, its subsidiary specialising in custody account-keeping and, more broadly, in white-label investment solutions, which offers stakeholders in the savings market the ability to outsource all or part of their securities activities within a secure and regulatory-compliant framework. Under this agreement, ProCapital will become the securities services provider for SG’s French retail network, BoursoBank and Société Générale private banking in France.