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

RICH Miner leads the Ripple cloud mining revolution - converting XRP into daily stable income

3 Mins read
WinnerMining free cloud mining APP helps zero-investment users earn BTC and XRP! Turn your phone into a mining machine There is no…
News

GCCI hosts strategic meeting with APMIA Chairman - Daily Times

1 Mins read
The Gujranwala Chamber of Commerce and Industry (GCCI) recently hosted a strategic meeting with Muhammad Bilal Khan, Chairman of the All Pakistan…
News

Bitcoin surge triggers investment boom in Europe and America, investors flock to Mint Miner

3 Mins read
MintMiner MintMinerBest Forex Trading Robots For 2022 Get the latest news delivered to your inbox Sign up for The Manila Times newsletters…

Leave a Reply

Your email address will not be published.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