Societe Generale announced on Wednesday that it had reached an agreement to sell its Shine neobank for entrepreneurs to Denmark's Ageras.

Under the terms of the agreement, Ageras - which created a platform for small businesses combining banking services, accounting and tax returns - would take over all Shine activities, as well as all the subsidiary's employees.

The Shine application offers a fully online business account for entrepreneurs and the self-employed.

The French bank explains that this proposed sale is part of its simplification strategy, which involves refocusing on SG, its retail banking network in France, in order to continue developing the professional customer segment.

As part of this deployment, SG says it intends to rely on a new system dedicated to this core market, based on the expertise of its advisors and on omnichannel offers to support professional customers in branches or remotely.

The sale is expected to be finalized in the first half of 2025.

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