SocGen agrees to sell two more African businesses (updated)

Vista International

07/12/2023 07:51

(Adds background in paragraph 2-3)
       PARIS, Dec 7 (Reuters) - Societe Generale  SOGN.PA ,
France's third-biggest listed bank, has agreed to sell two
African subsidiaries, Societe Generale Burkina Faso and Banco
Societe Generale Mocambique, to pan-African banking groups Vista
Group, it said on Thursday.
    The move comes on top of the already announced sale of four
other African businesses in Congo Brazzaville, Equatorial
Guinea, Mauritania and Chad. 
    The retreat from Africa was the first decision taken by CEO
Slawomir Krupa to sharpen the bank's use of capital. The move
follows the path of other banks, including bigger rival BNP
Paribas  BNPP.PA .
    SocGen, which didn't disclose financial details of the
deals, will remain in 10 African countries after the sales. 
    The strategic review of its 52.34% stake in Tunisia's Union
Internationale de Banques (UIB) is ongoing, a spokesperson said.

 (Reporting by Sudip Kar-Gupta and Mathieu Rosemain; Editing by
Jan Harvey and Mark Potter)
 ((sudip.kargupta@thomsonreuters.com;))