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Societe Generale agrees to sell two more African businesses

The move comes on top of the already announced sale of four other African businesses in Congo Brazzaville, Equatorial Guinea, Mauritania and Chad

Societe Generale, France’s third-biggest listed bank, has agreed to sell two African subsidiaries, Societe Generale Burkina Faso and Banco Societe Generale Mocambique, to pan-African banking groups Vista Group, it said on Thursday.

The move comes on top of the already announced sale of four other African businesses in Congo Brazzaville, Equatorial Guinea, Mauritania and Chad.

The retreat from Africa was the first decision taken by CEO Slawomir Krupa to sharpen the bank’s use of capital. The move follows the path of other banks, including bigger rival BNP Paribas.

Societe Generale, which didn’t disclose financial details of the deals, will remain in 10 African countries after the sales.

The strategic review of its 52.34% stake in Tunisia’s Union Internationale de Banques (UIB) is ongoing, a spokesperson said.

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Source
Reuters
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