SocGen will sell two African activities to the Vista group

by MMC
0 comment
Logo of the French bank Société Générale in La Défense near Paris

People walk past a logo of French bank Société Générale in front of the company’s skyscraper in the La Defense financial and business district near Paris, France September 14, 2023. REUTERS/Gonzalo Fuentes/File photo Acquire license rights

PARIS, December 7 (Reuters) – Société Générale (SOGN.PA)France’s third-largest listed bank, has agreed to sell two African subsidiaries in Burkina Faso and Mozambique to pan-African banking group Vista Group, the companies announced on Thursday.

Vista will acquire Société Générale’s 52.6% stake in Société Générale Burkina Faso and its 65% stake in Banco Société Générale Mocambique.

“Our agreement… confirms our expansion strategy, which aims to make Vista Bank a pan-African group present in 25 countries,” Simon Tiemtore, president of Vista, headquartered in Guinea, said in a statement.

Sales remain subject to regulatory approvals, Vista said.

SocGen’s decision to leave Mozambique and Burkina Faso comes to the top of the already announced sale of four other African companies in Congo Brazzaville, Equatorial Guinea, Mauritania and Chad.

The withdrawal from Africa was the first decision taken by CEO Slawomir Krupa to refine the use of the bank’s capital. This follows similar moves by other banks, including its biggest rival BNP Paribas. (BNPP.PA).

SocGen, which did not disclose financial details of the transactions, will remain present in 10 African countries after the sales.

The strategic review of its 52.34% stake in the Tunisian International Union of Banks (UIB) is underway, said a spokesperson.

Reporting by Sudip Kar-Gupta and Mathieu Rosemain; Additional reporting by Joe Bavier in Johannesburg; Editing by Jan Harvey and Mark Potter

Our standards: The Thomson Reuters Trust Principles.

Acquire license rightsopen a new tab

You may also like

Leave a Comment

afriqaa (1)

The news website dedicated to showcasing Africa news is a valuable platform that offers a diverse and comprehensive look into the continent’s latest developments. Covering everything from politics and economics to culture and wildlife conservation

u00a92022 All Right Reserved. Designed and Developed by PenciDesign