By Sabela Ojea

ING Groep NV and Societe Generale SA France said Tuesday that they have signed a definitive deal related to ING's exit of the French retail banking market that will allow its online banking customers to transfer to SocGen's Boursorama.

The Dutch bank said the agreement includes a simplified account-opening process and exclusive offers, as well as the transfer to Boursorama's investment products.

Home loans and consumer loans aren't included in the deal, ING added, noting that it will continue running the portfolio.

Societe Generale said the operation will have a very "limited impact" on its common equity Tier 1 ratio--a key measure of balance-sheet strength.

ING, which has been active in the French retail banking market since 2000 as an online bank, aims to exit its retail banking operations in the country by the end of 2022.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

April 05, 2022 02:35 ET (06:35 GMT)

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