SocGen announces Africa subsidiary sales 2023

Societe Generale (SOGN.PA) announced on Thursday that it had signed agreements with two pan-African banking groups, Vista and Coris, to assume its operations in Congo Brazzaville, Equatorial Guinea, Mauritania, and Chad.

SocGen stated that it had also initiated a strategic evaluation of its 52.34 percent stake in Union Internationale de Banques (UIB), Societe Generale’s subsidiary in Tunisia.

“Africa is a geography with growth potential, where the Group has built a historic presence, and it 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 added that, through its global corporate and investment banking franchises, it remains completely committed to supporting its significant clients on the African continent.

The accord included all client portfolios and personnel within these entities.

SocGen announced that its subsidiaries in Congo Brazzaville and Equatorial Guinea would be sold to Vista Group, while those in Mauritania and Chad would be sold to Coris Group.

The agreements call for the complete sale of SocGen’s shares in Societe Generale Congo, Societe Generale de Banques en Guinee Equatoriale, Societe Generale Mauritanie, and Societe Generale Tchad, which are currently owned by SocGen to the tune of 93.5%, 57.2%, 95.5%, and 67.8%, respectively.

Concerning its Tunisian subsidiary, the bank stated that it intends to investigate options that would allow UIB to actualize its development potential in the future years to the benefit of its shareholders, customers, and employees.

A non-exclusive process has been initiated in this context.

The conclusion of these transactions, which may occur by the end of 2023, is contingent upon the approval of the entities’ governing bodies and the validation of the applicable financial and regulatory authorities.