From October 2, 2023, it will no longer be necessary to say Boursorama Banque, but BoursoBank. A change of name which is accompanied by a new strategy focused on Europe and internationally in order to better promote the number one online bank in France.
Shortening names is now common in the banks of the Société Générale group. After switching to SG during last year, it is the turn of Boursorama Banque, itself a subsidiary of Société Générale, to change its name and logo at the same time without renouncing the color codes emblematic.
From October 2, 2023, it will therefore be BoursoBank, in the English style, undoubtedly to develop its image internationally. This change is also accompanied by a new vision and new ambitions with the stated objective of passing the 8 million customer mark by 2026.
A change between loss of profitability and search for valorization
After recovering a good part of ING’s customers over the course of last year, Boursorama bank is today the online bank with the largest customer portfolio in France, around 5 million. A success that still needs to be put into perspective as French online banking struggles to promote itself to major financial institutions around the world.
In an interview with Le Monde, Slawomir Krupa, the general director of SG since May, expressed his priority, namely to convince that “SocGen” deserves better than the valuation currently given to it by the stock markets. The newspaper summarizes:
The group’s capitalization is only 22 billion euros, compared to 76 billion for BNP Paribas and 36 billion for Crédit Agricole SA. In addition, the bank is one of the most poorly valued in the sector in Europe in relation to the assets on its balance sheet.
The same Slawomir Krupa explains in a press release from the SG group a new “robust and sustainable” strategic plan in which this new Boursobank is embodied, in particular on customer acquisition. But to do this, the future BoursoBank will still have to temporarily abandon profitability, effective since the start of the year due to these new structural investments. The bank will therefore have to give up around 150 million euros, or the gross operating profit from 2023 to 2025 according to the SG. Note, however, that the 100% online bank had already collected nearly 3 billion euros thanks to its new products such as the Bourso+ booklet, and 12 and 18 month term accounts.
