By Giulia Petroni

Societe Generale SA said Tuesday that it has acquired French startup Shine for an undisclosed sum.

The French bank said the neobank, which serves 70,000 entrepreneurs, "simplifies the banking and administrative experience for its clients with a balanced offer of innovative services and online support."

Societe Generale said it will market Shine's products to business clients, while the startup will continue to develop independently and accept new customers.

The acquisition won't have a significant impact on Societe Generale's CET1 ratio, the company said.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

June 30, 2020 12:51 ET (16:51 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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