Societe Generale Bank of France has announced plans to close 600 branches in France over the next five years as they carry out a system consolidation across the country.
Societe Generale said it would merge its branches with those of its subsidiary, Credit du Nord, leading to the closure of the aforementioned branches.
Societe Generale’s deputy general manager, Sebastien Proto, said the bank would not force the excess number of employees to retire and only adopt a voluntary retirement and retirement policy.
Societe Generale is trying to cut costs after reporting a loss of more than 1 billion euros (1.2 billion USD) in the first six months of the year.
The global traditional banking sector is undergoing major changes, due to declining demand for direct services at branches and competition from new financial technology corporations.
Societe Generale is expected to have 1,500 branches by the end of 2025, compared with 2,100 currently.