SocGen to close 400 French bank branches: report

France’s third-largest listed bank in terms of assets Societe Generale (GLE.FR) intends to close down as many as 400 bank branches in France by 2020, or about 20% of its branches in the country, Les Echos newspaper reported Tuesday, quoting union representatives.

The bank is seeking to reduce its branch network because its customers prefer to carry out their banking on the Internet and use automated teller machines rather than visit bank branches, the newspaper said.

A spokeswoman at Societe Generale confirmed the bank plans to close down branches, but declined to confirm the number of closures.

Source: MarketWatch