Societe Generale Weighs Closing Hundreds of French Branches
- French bank to `accelerate' an overhaul of its network
- Societe Generale aims to be leaner, less bureaucratic
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Societe Generale SA is considering shutting hundreds of bank branches in France, following the example of competitors as more clients go online.
The bank may close about 400 branches, or 20 percent of its French network, the Force Ouvriere union said in a statement on Monday. Over the next five years, the bank wants to “accelerate” an overhaul of its network that began with 40 branch closures this year, though the number of additional closures hasn’t been finalized, Societe Generale said. The lender said it will provide details on the revamp later this year.