Finance
Societe Generale Agrees to Sell Custody Account-Keeping Service in France
Published by Global Banking & Finance Review®
Posted on March 17, 2026
2 min readLast updated: March 17, 2026
Quick Summary
Societe Generale has struck a preliminary agreement to transfer its French custody account‑keeping business for retail banks to Crédit Mutuel Arkéa, with closing expected in 2028 pending regulatory sign‑off.
SocGen agrees to sell custody account-keeping service in France
Societe Generale's Custody Service Divestment: Details and Implications
Preliminary Agreement with Credit Mutuel Arkea
March 17 (Reuters) - Societe Generale said on Tuesday it had signed a preliminary agreement with regional French bank Credit Mutuel Arkea to sell part of its securities services business serving retail banking clients, in the latest step by CEO Slawomir Krupa to streamline the lender's portfolio.
Scope of the Proposed Deal
The proposed deal covers Societe Generale Securities Services’ securities custody operations for French retail clients, including transaction processing, income payments and safekeeping of assets, SocGen said in a statement. The activity employs about 180 people, a spokesperson for the bank said, declining to disclose the transaction price.
Role of ProCapital and Transaction Timeline
Credit Mutuel Arkea's acquisition would be conducted through its subsidiary ProCapital, which would become the securities services provider for SG's French retail network, BoursoBank and Societe Generale Private Banking in France. The project remains subject to labour consultations and regulatory approvals, and is expected to close in 2028.
Strategic Context and Financial Impact
Assets Under Custody and Previous Disposals
The assets under custody tied to the business being sold represent only a fraction of the 5,396 billion euros ($6.20 trillion) in assets under custody reported by Societe Generale Securities Services at the end of 2025. Since taking over in 2023, Krupa has pushed disposals to simplify the bank, including the sale of its asset-backed equipment finance arm, its UK and Swiss private banking units and a series of African businesses.
Exchange Rate Information
($1 = 0.8699 euros)
Reporting Credits
(Reporting by Jakob Van Calster in Gdansk, Mathieu Rosemain in Paris editing by Milla Nissi-Prussak and Louise Heavens)
Key Takeaways
- •SocGen is divesting its custody services unit in France to focus on core operations, under CEO’s streamlining strategy (posttrade360.com).
- •The deal is aimed at Crédit Mutuel Arkéa, a growing regional bank with some 5.1 million customers, bolstering its asset servicing capabilities (finanznachrichten.de).
- •SocGen’s custody arm, SGSS, is the second largest custodian in France with around €4.9 trillion under custody, making this a significant industry move (posttrade360.com)
References
Frequently Asked Questions about Societe Generale agrees to sell custody account-keeping service in France
1What is Societe Generale selling to Crédit Mutuel Arkéa?
Societe Generale is selling the custody account-keeping service dedicated to French retail banks to Crédit Mutuel Arkéa.
2When will the sale of the custody account-keeping service be finalized?
The sale is expected to be finalized in 2028, subject to regulatory approval.
3Which part of Societe Generale's business is included in this deal?
The deal involves part of Societe Generale's securities services branch focused on custody account-keeping.
4Who is the buyer in this transaction with Societe Generale?
Crédit Mutuel Arkéa is the buyer in the agreement.
5What condition must be fulfilled before the sale is completed?
The sale must receive regulatory approval before it is finalized.