By Oyintari Ben
On Thursday, French bank Societe Generale (SOGN.PA) said that it had signed agreements with Vista and Coris, two pan-African banking firms, to take over its operations in Congo Brazzaville, Equatorial Guinea, Mauritania, and Chad.
In addition, Societe Generale announced it had started a strategic assessment of its 52.34% ownership of Union Internationale de Banques (UIB), a Societe Generale subsidiary in Tunisia.
“Africa is a geography with growth potential, where the Group has built a historical presence and intends to focus its resources on markets where it can position itself among the leading banks, in synergy with the Group’s other businesses, and with a critical size,” said SocGen.
SocGen continued by stating that it is still steadfastly committed to supporting its substantial African clients through its worldwide corporate and investment banking businesses.
SocGen said that its companies in Mauritania and Chad would be sold to Coris Group, while its subsidiaries in Congo Brazzaville and Equatorial Guinea would be sold to Vista Group.
It further said the agreement included all personnel and client portfolios inside these organisations.
According to the agreements, SocGen will completely sell its shares in Societe Generale de Banques en Guinee Equatoriale, Societe Generale Mauritanie, Societe Generale Tchad, and Societe Generale Congo, of which it now owns 93.5%, 57.2%, 95.5%, and 67.8%, respectively.
The bank stated regarding its Tunisian subsidiary that it intends to investigate solutions that would allow UIB to more fully realise its development potential in the upcoming years for the benefit of its shareholders, consumers, and staff.
A non-exclusive process has been started in this situation.
The approval of the governing bodies of the firms and the confirmation of the appropriate financial and regulatory authorities are required to complete these transactions, which might happen by the end of 2023.
