Clifford Chance advises ING as it enters into exclusive talks with Boursorama to offer its retail customers in France the best alternative

Following ING’s decision to exit the French retail banking market, Boursorama (a subsidiary of Societe Generale) signed a Memorandum of Understanding (MOU) with ING to offer ING’s online banking customers in France the best alternative banking solution, with dedicated customer journey and support conditions.

Depending on the product, the offer would include special welcome packages and streamlined sign-up process for ING customers who would choose to become Boursorama’s customers.

The final agreement would cover day-to-day banking products (current accounts and credit cards), savings accounts, life insurance products and securities accounts. The scope of the agreement will not include ING France’s loan portfolios (mortgaged and consumer loans). Mortgaged loans will continue to be managed by ING, which will take a decision about consumer loans separately.

ING will maintain its Wholesale Banking business in France, with a focus on strengthening its position and the ambition to be the go-to-bank for sustainable finance.

The two parties intend to reach a final agreement by April 2022.

Clifford Chance advised ING on this transaction with a team comprising Mathieu Remy, Frédérick Lacroix and David Tayar, partners, as well as Catherine Naroz, counsel