Societe General Expands Business Horizons with Novel Acquisition of Neo Bank, Shine
Societe General also popularly known as SocGen is a France based investment bank having a global operation base, offering high end service solutions in investment banking as well as other financial offerings.
In terms of assets, this French based bank holds the third largest position and also comes in the seventh position amongst all European banks in terms of capitalization.
Lately the company has been trending on the back of its latest acquisition deal of Shine. The latter is a famed mobile bank that basically functions with a workforce of freelance workers, dealing in contract and invoice management on online banking platforms.
Of-late, Shine mobile bank has been widely popular for its various financial and administrative platforms dedicated for freelance professionals, allowing them a multi-tasking solution with integrated solutions in online banking and contract management, thus adequately streamlining both financial and administrative responsibilities for independent workers.
In an evemtful development, despite challenging scenario owing to unprecedented outbreak of a global pandemic in the form of COVID-19, mobile bank Shine has recently been acquired by Scociete Generale. The closing sum however is still under wraps, though investment in a new-age neo bank institution is estimated to adequately up the game for Societe General, especially now when the new normal of business operations will keenly focus on remote working structure.
Shine is likely to gain a wider access to a sprawling feature enablement that would eventually hone its capabilities in multi-dynamic financial services and solutions comprising insurance, credit, payment and retail banking amongst other features, thereby ensuring seamless operations across small businesses.
The acquisition is likely to further enhance achievement ratios of Societe General, allowing it to allign with its long term business goals and objectives.
Speculations are also rife that the new acquisition will allow Societe further expedite services in open banking.