Linklaters advises Crédit Mutuel Arkéa on the divestment by Societe Generale of its French retail custody account-keeping delegation business

Linklaters advised Crédit Mutuel Arkéa on the signing of a Memorandum of Understanding with Societe Generale relating to the divestment of the custody account-keeping (Tenue de Compte Conservation – TCC) delegation activity dedicated to the French retail banking segment, currently operated by Societe Generale Securities Services.

The acquisition would be carried out through ProCapital, a subsidiary of Crédit Mutuel Arkéa specialising in custody account-keeping and, more broadly, in white-label investment services. Following completion of the transaction, ProCapital would become the securities services provider for the SG French Retail Network, BoursoBank and Societe Generale Private Banking in France.

The Linklaters team was led by Hubert Segain, with Julien Bourmaud-Danto, both Partners, and included Mathilde Gruaz, Associate, in Corporate/M&A.

It also included Marc Perrone, Partner, Louis Degeorges, Managing Associate, and Anna Petrusa, Associate, in financial regulation, as well as Géric Clomes, Partner, Cécile Romanin, Managing Associate, and Netanel Taid Kashani, Associate, in employment law.

Sonia Cissé, Partner, and Julia Loiseau, Associate, advised on tech, cybersecurity and data protection matters, Françoise Maigrot, Partner, on real estate law aspects, Cyril Boussion, Partner, and Andréa Midy, Associate, on tax matters, Fanny Mahler, Partner, on public law aspects, and Pierre-André Destrée, Counsel, on capital markets matters.