Credit du Nord, a subsidiary of the French banking giant Société Générale, has completed its acquisition of Société Marseillaise de Credit, the commercial bank that includes private client advisory amongs its services.

Groupe BPCE, the owner of SMC, sold the unit for €872 million (around $1.162 billion) after the 2009 dividend remaining was paid to the seller, according to the company’s statement.

The deal has been authorised by the French Prudential Control Authority and the Competition Authority and gathered the opinions of the relevant staff representative bodies, said the firm in a statement.

SMC was founded in 1865 and is a retail bank in the southeastern region of France. It has 144 branches and serves more than 200,000 clients