Equatorial Guinea: Société Générale to leave four African countries

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Equatorial Guinea: Société Générale to leave four African countries

7:37 CAT | 15 Jun 2023

File photo: Lusa

Société Générale is to sell its holdings in four African countries, including Equatorial Guinea, to two pan-African banking groups to focus on large customers and stay in markets where it has a greater market share.

“Société Générale has signed agreements with two pan-African banking groups for the sale of its subsidiaries in the Republic of Congo and Equatorial Guinea to the Vista Group, and of its subsidiaries in Mauritania and Chad to the Coris Group,” according to a press release seen by Lusa on Tuesday.

In Equatorial Guinea, this French international bank will sell its 57.2% stake in Société Générale de Banques en Guinée Équatoriale to the Vista Group by the end of the year, depending on traditional regulatory approvals.

In the statement, the bank explained that it intended to “focus its resources on markets where it can position itself among the main banks, in synergy with the other businesses and with a critical size that allows for a sustainable and satisfactory contribution to value creation.”

The financial group also added in the statement that it “remains fully committed to supporting large customers in African markets, through its corporate and investment banking franchises.”

The group is present in 18 countries in Africa, including Mozambique.

Source: Lusa