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The Societe general said it currently plans to set up 1,500 branches from 2,100 by the end of 2025
Paris: French bank Societe General said on Monday it planned to close 600 branches in France over the next five years as it consolidates its network across the country.
The group said it would merge its Societe general branches with its subsidiary Credit du Nord, leading to an unspecified number of closures and job losses.
Sebastian Proto, the group’s deputy general manager, said there would be no forced redundancies with the group relying on retirement and “natural departures.”
Society General is keen to cut costs after reporting losses in the first six months of the year over $1.2 billion.
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The traditional banking sector is undergoing drastic changes worldwide due to falling demand for in-person services in branches, as well as competition from new so-called “fintech” groups that are taking on the industry’s legacy institutions.
The Societe general said it currently plans to set up 1,500 branches from 2,100 by the end of 2025.
