Societe Generale has announced the conclusion of agreements with two African banking groups to sell four of its subsidiaries to them. They are found in Congo, Equatorial Guinea, Mauritania and Chad.
Societe Generale announced on Friday the conclusion of agreements with two African banking groups to sell them four of its subsidiaries. Two will be in Congo and Equatorial Guinea at the Vista group, the others in Mauritania and Chad at the Coris group.
The two groups “would take over all the activities operated by Societe Generale in Congo, Equatorial Guinea, Mauritania and Chad, as well as all the client portfolios and all the employees within these entities”, explains a press release of the bank, which also announces the opening of a strategic reflection on its subsidiary in Tunisia.
The Societe Generale group, which has a long-standing presence in Africa, “intends to concentrate its resources on markets where it can position itself among the leading banks, in synergy with the group’s other businesses”.
These operations could be carried out “by the end of the year” and provide for the total sale of the group’s shares in its local African subsidiaries: Societe Generale Congo, Societe Generale de Banques en Guinée Equatoriale, Societe Generale Mauritania and Societe Generale Chad. , currently held respectively at 93.5%, 57.2%, 95.5% and 67.8% by Société Générale.
The banking group also holds 52.34% of the capital of Union Internationale de Banques (UIB) , a subsidiary of Societe Generale in Tunisia. It announces that it has also “opened a strategic reflection on its participation” in the entity.