(CercleFinance.com) – Societe Generale announces that it has signed agreements for the sale of its subsidiaries in Congo and Equatorial Guinea to the Vista Group, and its subsidiaries in Mauritania and Chad to the Coris Group.
These agreements provide for the full sale of Société Générale’s shares in its subsidiaries: Société Générale Congo, Société Générale in Equatorial Guinea, Société Générale Mauritania, and Société Générale Tchad, currently held at 93.5%, 57.2%, 95.5 % and 67.8% by Société Générale.
According to the commitments made, the two pan-African banking groups Vista and Coris would take over all of the activities operated by Societe Generale in Congo, Equatorial Guinea, Mauritania and Chad, as well as all of the customer portfolios and all of the employees.
The completion of these transactions, which could take place by the end of 2023, is subject to the approval of the governance bodies of the entities as well as the validation of the competent financial and regulatory authorities.
Societe Generale has also initiated a strategic reflection on its 52.34% stake in the capital of Union Internationale de Banques (UIB), a subsidiary of Societe Generale in Tunisia. This approach aims to explore the possible options allowing the UIB to better implement its development potential in the years to come.