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.
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.