PARIS (dpa-AFX) - Societe Generale SA (SCGLF.PK, SCGLY.PK) and Crédit du Nord Group's boards of directors have approved the merger of their respective retail banking networks, according to French financial newspaper Les Echos.
The decision was taken following separate board meetings. The supervisory boards of Crédit du Nord regional banks, such as Banque Courtois, Banque Tarneaud, Banque Kolb, etc., also met to decide on the project.
Societe Generale, which owns 80% of Credit du Nord, are expected to announce details of the deal on Monday, during a presentation to the press.
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