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SocGen acquires online car buying platform Reezocar

Societe Generale has acquired Reezocar, a French online platform for buying used cars. Financial terms were not disclosed.

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SocGen acquires online car buying platform Reezocar

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Founded in 2014, Reezocar collects and centralises the millions of car listings from 10 European markets, streamlining the search process for buyers. The firm has a catalogue of seven million vehicle listings and attracts more than two million monthly visitors.

The acquisition comes after SocGen subsidiary CGI Finance bought a stake in Reezoacar and will see the platform make strides in the insurance sector through the backing of Societe Generale Assurances.

Claire Calmejane, chief innovation officer, SocGen, says: "Synergies with our different businesses are numerous and allow us to go further in our Open Banking strategy."

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