News

Societe Generale to Sell Subsidiaries in Burkina Faso and Mozambique

1 Mins read

Societe Generale, a prominent European bank, has made the decision to sell its majority stakes in its subsidiaries in Burkina Faso and Mozambique to Vista Group. This move is part of the bank’s efforts to reduce its exposure to the African market.

Currently, Societe Generale owns 52.6% of Societe Generale Burkina Faso and 65% of Banco Societe Generale Mocambique. After the completion of the deal, Vista Group, a financial-services company, will assume control of all operations conducted by the subsidiaries, including client portfolios and employees, according to Societe Generale.

In addition to this latest move, Societe Generale had previously agreed to sell its subsidiaries in Congo, Equatorial Guinea, Mauritania, and Chad to other groups. This aligns with the trend among major banks such as BNP Paribas, Credit Agricole, and Barclays, which have also taken steps to reduce their presence in Africa.

Conclusion

Societe Generale’s decision to sell its subsidiaries in Burkina Faso and Mozambique highlights the bank’s strategic effort to minimize its exposure to the African market. The transaction with Vista Group is set to be completed in 2024, subject to necessary approvals.

Related posts
News

The Largest Deal of the Year: BlackRock Acquires TechBerry

1 Mins read
BlackRock is concluding its acquisition of TechBerry, which has already been named one of the largest deals of the year. The substantial…
News

Government Matching Contribution for Retirement Savings

2 Mins read
According to researchers, nearly 22 million Americans are set to benefit from a new government matching contribution initiative aimed at enhancing retirement…
News

Oil Market Update

1 Mins read
Oil Market Update On Tuesday, crude oil futures prices were lower, while refined product contracts were experiencing a second consecutive day of…

Leave a Reply

Your email address will not be published. Required fields are marked *