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

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

Depending on the product, the offer would include special welcome packages and a simplified registration process for ING customers who choose to become Boursorama 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 (mortgage loans and consumer loans). Mortgage loans will continue to be managed by ING, which will decide consumer loans separately.

ING will maintain its Wholesale Banking activity in France, emphasizing the strengthening of its position and the ambition to be the bank of reference for sustainable finance.

Both parties aim to reach a final agreement by April 2022.

Clifford Chance advised ING in this transaction with a team made up of Mathieu Remy, Frédérick Lacroix and David Tayar, partners, as well as Catherine Naroz, counsel

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