(Boursier.com) — Societe Generale signed agreements with two pan-African banking groups 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 four agreements provide for the full sale of the Societe Generale group’s shares in its local African subsidiaries: Societe Generale Congo, Societe Generale de Banques en Guinée Equatoriale, Societe Generale Mauritania, and Societe Generale Chad, currently held respectively at 93.5%, 57 .2%, 95.5% and 67.8% by the Societe Generale group.
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 in within these entities. The Societe Generale group is confident in the ability of the Vista Group and the Coris Group to pursue the development strategy of these entities, for the benefit of customers, partners, employees and local economies.
The completion of these transactions, which could take place by the end of 2023, is subject to the approval of the entities’ governance bodies, the usual conditions precedent and the validation of the competent financial and regulatory authorities. These disposals would have a positive impact of approximately 5 bps on the Group’s CET1 ratio on their closing date.
Africa is a geographic area with growth potential where the Group has built a historic presence and intends to concentrate its resources on markets where it can position itself among the leading banks, in synergy with the other businesses of the Group and with a critical size allowing a satisfactory and sustainable contribution to the creation of value.
Societe Generale offers the unique combination of the expertise and know-how of an international bank with the proximity of a locally established bank. The Group also remains fully committed to supporting its major clients on the African continent, through its global corporate and investment banking franchises.
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, for the benefit of its shareholders, its customers and its employees. In this context, a non-exclusive process is engaged.
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