Societe Generale has recently announced its agreements with two African banking groups to sell four of its subsidiaries located in Congo, Equatorial Guinea, Mauritania, and Chad.
The sale will involve two subsidiaries being acquired by the Vista group in Congo and Equatorial Guinea, while the Coris group will take over the remaining subsidiaries in Mauritania and Chad.
According to a press release by the bank, these two African banking groups will assume all the operations, client portfolios, and employees of Societe Generale in the respective countries.
The move aligns with Societe Generale’s strategy to focus its resources on markets where it can establish itself as one of the leading banks, synergizing with its other business activities.
The bank also announced the initiation of a strategic review of its subsidiary in Tunisia.
The transactions are expected to be completed by the end of the year and involve the complete sale of Societe Generale’s shares in its African subsidiaries: Societe Generale Congo, Societe Generale de Banques en Guinée Equatoriale, Societe Generale Mauritania, and Societe Generale Chad. Currently, Societe Generale holds ownership stakes of 93.5%, 57.2%, 95.5%, and 67.8% in these subsidiaries, respectively.
Furthermore, Societe Generale holds a 52.34% capital share in Union Internationale de Banques (UIB), a subsidiary based in Tunisia.
The bank has announced a strategic evaluation of its participation in this entity as well.