Crédit du Nord (a 100% subsidiary of Société Générale) and BPCE announced on June 14 their entry into exclusive negotiations for the acquisition of Société Marseillaise de Crédit by Crédit du Nord, for the amount of EUR 872 million. Shearman & Sterling advised Crédit du Nord.

Founded in 1865, Société Marseillaise de Crédit is a significant retail bank in the South-East of France.