SG-Forge at the heart of Société Générale's activities

Wednesday, February 7, 2024

The banking giant's crypto subsidiary has been set up alongside the Global Banking and Investor Solutions teams.

In the banking world, Société Générale is clearly one of the most "crypto-friendly" institutions.

Through its subsidiary, SG-Forge, the Defence bank has stepped up its initiatives and now has a pretty impressive set-up: a tokenisation platform, approval as a digital asset service provider (PSAN) - it's the only company in France - and for the past few months its own stablecoin, CoinVertible, which is available on the Bitstamp platform.

As a sign that Société Générale is continuing to accelerate on the subject, the SG-Forge teams have gradually been integrated into the bank's traditional market activities.

Jean-Marc Stenger and his teams now work fully alongside the teams in Société Générale's Global Banking and Investor Solutions business - they are on the same floors - an activity headed by Alexandre Fleury, who sits on the bank's management committee.

The Global Banking and Investor Solutions business brings together 12,000 people and provides sophisticated banking, advisory, capital markets and trading solutions to Société Générale's customers.

The aim of this organisation is to further integrate the blockchain and tokenisation business within the bank. "The SG-Forge teams are doing the same thing, but on blockchain," explains a good source.

Is this tie-up the prelude to a possible merger? That is obviously the aim, but it is likely to take some time yet. The fact remains that few banks are already at this level of integration and Société Générale could soon be considered the most "crypto-friendly" bank.

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This analysis is not investment advice. It has been prepared without taking into account your personal situation, particularly your financial situation, risk profile, and investment objectives.

Before investing in any product, investors should fully understand the risks involved and consult their own legal, tax, financial, and accounting advisors.

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