Société Générale revamps private banking in Europe with Azqore
Société Générale has signed a deal with wealth management firm Azqore to revamp a handful of its private banking locations in Europe.
The Azqore rollout begins in 2022
SocGen Private Banking divisions in Luxembourg, Monaco, and Switzerland will deploy Azqore tech. The bank is also deploying the platform at its Kleinwort Hambros subsidiary, located in London.
Azqore is a subsidiary of Indosuez Wealth Management. Its platform includes core banking systems supplemented with “leading software from the world of wealth management”.
SocGen is hoping for enhanced operations processing, digitalised services, and user experience. It wants a unity of presentation across the private banking ops through the shared platform.
Patrick Follea, head of SocGen Private Banking, says his profession is facing “major transformation and an increasingly demanding environment.”
He adds the deal enables the bank to improve the performance of its 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.”
The tech migration is taking place in stages, kicking off in 2022. According to the vendor it could be “several years” before completion.
Azqore, for its part, sees the deal as a step forward in its European expansion strategy. Pierre Dulon, CEO at the vendor, says it can now “strengthen its presence and its array of services in Europe”.
The firm is planning to open a Luxembourg-based office in the near future, with a location in the UK to follow.
