SOCGEN TO CLOSE 600 BRANCHES

France’s Societe Generale on Monday accelerated plans to boost profitability by merging its two retail banking networks, resulting in the closure of 600 of its nearly 2,100 branches by 2025. With low interest rates continuing to crimp lending income and retail banking margins, France’s third-biggest listed lender said the merging of the two networks would save more than 350 million euros ($424 million) in costs in 2024 and nearly 450 million euros in 2025. SOURCE: Reuters

HUAWEI AGREES SWEDISH TERMS

Huawei is willing to meet any requirement the Swedish government may set on 5G network equipment and take other measures to mitigate concerns, a senior executive said, after a ban in the country delayed spectrum auctions. In a surprise move in October, Sweden’s telecom regulator PTS banned the use of equipment from China’s Huawei and ZTE by telecom operators taking part in the 5G auctions. SOURCE: Reuters

REVOLUT ENABLES ONLINE RECEIPTS

Revolut Business launched its acquiring solution at Web Summit 2020, enabling businesses in 13 European countries to accept card payments online directly into their account. The off-the-shelf product will form part of Revolut Business’ starter pack, an end-to-end solution to help companies manage everything in one place, according to a press release. Revolut’s move into acquiring is a competitive one with market incumbents Stripe and Adyen. SOURCE: mobilepaymentstoday.com

FRENCH BUSINESS SCHOOLS ARE TOP

French business schools outperform their European peers with the best masters programmes and executive education courses across the continent, according to the 2020 Financial Times ranking. Four institutions in and around Paris — HEC Paris, Insead, Essec and ESCP — are all in the top 10 of the FT’s annual assessment of 90 European business schools, which includes a total of 22 French schools. READ MORE: https://www.ft.com/content/87dca601-11a6-4bc5-8f0c-9a16bc47acba

FILE PHOTO: Reuters