SocGen announces agreements to sell Africa subsidiaries (updated)

Vista International

08/06/2023 07:45

(Adds details and reasons for the deals)
       PARIS, June 8 (Reuters) - French bank Societe Generale
 SOGN.PA  on Thursday said it had signed agreements with two pan
African banking groups, Vista and Coris, to take over its
activities in Congo Brazzaville, Equatorial Guinea, Mauritania
and Chad.
    SocGen  said it had also launched a strategic review of its
52.34% stake in Union Internationale de Banques (UIB), the
subsidiary of Societe Generale in Tunisia.
    "Africa is a geography with growth potential, where the
Group has built a historic presence and intends to focus its
resources on markets where it can position itself among the
leading banks, in synergy with the Group's other businesses and
with a critical size," SocGen said. 
        SocGen added that it remains fully committed to
supporting its large clients on the African continent, through
its global corporate and investment banking franchises. 
  
        SocGen said its subsidiaries in Congo Brazzaville and
Equatorial Guinea would be sold to Vista Group, and its
subsidiaries in Mauritania and Chad to Coris Group.
        The agreement included all client portfolios and
employees within these entities, it added. 
  
        The agreements plan the total divestment of SocGen's
shares in Societe Generale Congo, Societe Generale de Banques en
Guinee Equatoriale, Societe Generale Mauritanie, and Societe
Generale Tchad, currently 93.5%, 57.2%, 95.5% and 67.8%
respectively owned by SocGen.
  
        About its Tunisian subsidiary, the bank said it aims to
explore possible options that would enable UIB to better realize
its development potential in the coming years for the benefit of
its shareholders, clients and employees. 
  
        In this context, a non-exclusive process has been
initiated. 
  
        The completion of these transactions, which could take
place by end 2023, is subject to the approval of the entities’
governance bodies and the validation of the relevant financial
and regulatory authorities. 
  
       
  

 (Reporting by GV De Clercq; Edited by Benoit Van Overstraeten
and Richard Lough)
 ((geert.declercq@tr.com;))