Societe Generale Sells African Subsidiaries to Boost Market Focus

Societe Generale has revealed the completion of agreements with two African banking groups for the sale of four of its subsidiaries located in Congo, Equatorial Guinea, Mauritania, and Chad, reports Africanews. On Friday, Societe Generale announced the finalization of deals with two African banking groups to transfer ownership of four subsidiaries. The Vista group will acquire two in Congo and Equatorial Guinea, while the Coris group will take over the subsidiaries in Mauritania and Chad.

In a press release, the bank stated that the two groups will "assume all activities currently managed by Societe Generale in Congo, Equatorial Guinea, Mauritania, and Chad, along with the client portfolios and all employees within these entities." Additionally, Societe Generale mentioned the initiation of a strategic evaluation of its subsidiary in Tunisia.

The Societe Generale group, with a longstanding presence in Africa, aims to focus its resources on markets where it can establish itself as a leading bank, aligning with the overall goals of the group.

The completion of these transactions is anticipated "by the end of the year," involving the full divestment of Societe Generale'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 at 93.5%, 57.2%, 95.5%, and 67.8%, respectively. Furthermore, Societe Generale, which holds 52.34% of the capital of Union Internationale de Banques (UIB), a subsidiary in Tunisia, has commenced a strategic review of its participation in the entity.