Societe Generale signs with Azqore for back office operations
Societe Generale has signed a deal with Azqore, a subsidiary of Indosuez Wealth Management, for the provision of back-office operations and a large part of the IT services of Societe Generale Private Banking's international entities.
As part of this contract, Azqore, a subsidiary of Indosuez Wealth Management specialising in the execution of information systems and the processing of banking operations for wealth management players, will provide these services to Societe Generale private banking's international entities. The agreement covers Societe Generale Private Banking in Luxembourg, Monaco and Switzerland and the Group Kleinwort Hambros, headquartered in London.
The expertise of Azqore enables Societe Generale Private Banking and its clients to benefit from enhanced operations processing and digitalised services backed by a shared platform that improves the user experience and competitiveness.
"In a profession facing major transformations and an increasingly demanding environment, this agreement will enable us to offer our clients enhanced services while improving the performance of our international private banking business model. By leveraging the knowledge and technological expertise of Azqore, we will focus entirely on managing our long-term relationships with our clients which is our core role as private bankers," says Patrick Folléa, Head of Societe Generale Private Banking.
"This agreement aligns with Crédit Agricole Group's strategy to pool its industrial platforms with prestigious partners in the finance sector. It also furthers the goal of Indosuez Wealth Management and Capgemini, as shareholders of Azqore, to develop an industry-leading provider of IT and banking outsourcing services for wealth management. The Azqore strategy is further strengthened in the current climate as speeding up the digital transformation is becoming a priority for everyone," says Jacques Prost, Chairman of Azqore and Group CEO of Indosuez Wealth Management.
"Our unique technology platform, which comprises a 'Core Banking' supplemented with leading software from the world of wealth management, thanks to one of the most robust fintech ecosystems, will respond to the future uses of private bankers and their clients. The operational efficiency and diversification of services that underpin this agreement will contribute to improving the value proposition and success of the digital transformation in private banking. It will also enable Azqore to strengthen its presence and its array of services in Europe, starting with Luxembourg where it plans to open offices soon, followed by the United Kingdom," says Pierre Dulon, CEO of Azqore.
The implementation of this agreement is subject to the approval by competent bodies and regulatory authorities. The migration of back-office and related IT services to Azqore for the Societe Generale entities concerned will take place in stages over several years, starting from 2022.