Societe Generale selects Azqore for boosting IT and back-office operations

By Megha Bhattacharya

Societe Generale has signed an agreement with Azqore, a subsidiary of Indosuez Wealth Management, in a bid to execute back-office operations and a large part of the IT services of Societe Generale Private Banking’s international entities. Azqore is expected to provide services including the execution of information systems and the processing of banking operations for wealth management players to Societe Generale private banking’s international entities.

The agreement would cover Societe Generale Private Banking in Luxembourg, Monaco and Switzerland and the Group Kleinwort Hambros, headquartered in London.

“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,” said Patrick Folléa, Head of Societe Generale Private Banking.

According to Societe Generale, Azqore would enable its Private Banking clients to benefit from enhanced operations processing and digitalized services backed by a shared platform that aims to improve the user experience and competitiveness.

“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,” added Jacques Prost, Chairman of Azqore and Group CEO of Indosuez Wealth Management.

Recently, Societe Generale Group’s digital capital markets platform Societe Generale – Forge selected ConsenSys to offer technology and services as part of its ongoing Central Bank Digital Currency (CBDC) pilot activities. The platform, as part of the partnership, will build upon its recent achievements including the issuance of a 100 million Euro covered bond on blockchain in 2019, and the issuance of a 40 million Euro bond that was settled with a CBDC in 2020, a joint project with the Banque de France, the French central bank.

“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,” concluded Pierre Dulon, CEO of Azqore.