(2 minutes read)
Societe Generale will sell four of its subsidiaries located in Congo, Equatorial Guinea, Mauritania, and Chad. The bank has announced the conclusion of agreements with two African banking groups in this regard
Societe Generale will sell four of its subsidiaries located in Congo, Equatorial Guinea, Mauritania, and Chad. The bank has announced the conclusion of agreements with two African banking groups in this regard.
Vista Group will buy the subsidiaries in Congo and Equatorial Guinea, while subsidiaries in Mauritania and Chad are being bought by Coris Group. The two groups “would take over all the activities operated by Societe Generale in these countries, including the client portfolios along with employees.
The Bank has a long-standing presence in Africa. While hiving off these subsidiaries, the Bank intends to concentrate its resources on markets where it can position itself among the leading banks, in synergy with the group’s other businesses.
Read Also:
The sales operations will be carried out by the end of the year. The Group also holds 52.34% of the capital of Union Internationale de Banques (UIB) , a subsidiary of Societe Generale in Tunisia.
