Strategy
French Banks Ink Back-Office, IT Collaboration
The Paris-based groups would, if the agreement wins regulatory approval, reach an arrangement under which back-office and related IT work shifts to a subsidiary of Indosuez Wealth Management.
Societe
Generale has inked a deal with Indosuez
Wealth Management subsidiary Azqore to execute back-office
operations and a chunk of the IT services of SocGen's private
banking international entities.
The agreement, if approved by regulators, would cover Societe
Generale Private Banking in Luxembourg, Monaco and Switzerland
and the Kleinwort Hambros, based in London.
“In a profession facing major transformations and an increasingly
demanding environment, this agreement will enable us to offer our
clients enhanced services while improving the performance of our
international private banking business model,” Patrick Folléa,
head of Societe Generale Private Banking, said. “By leveraging
the knowledge and technological expertise of Azqore, we will
focus entirely on managing our long-term relationships with our
clients which is our core role as private bankers.”
The agreement must be approved by competent bodies and regulatory
authorities. Once allowed, the back-office and related IT
services will shift to Azqore for the Societe Generale entities;
it will happen in several stages, starting from 2022.
Jacques Prost, chairman of Azqore and group CEO of Indosuez
Wealth Management, said: “This agreement aligns with Crédit
Agricole Group's strategy to pool its industrial platforms with
prestigious partners in the finance sector.” (Crédit Agricole is
the parent of Indosuez Wealth Management.)
“It also furthers the goal of Indosuez Wealth Management and
Capgemini, as shareholders of Azqore, to develop an
industry-leading provider of IT and banking outsourcing services
for wealth management,” Prost said.