Societe Generale agrees to sell two more African businesses

Date:

- Advertisement -

Societe Generale, 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.

Societe Generale, 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.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

ADVERTISEMENT

Popular

More like this
Related

Newmont plans to divest six mines, cut jobs to reduce debt after Newcrest buy

Newmont Corp (NEM.N), opens new tab on Thursday beat analysts' estimates...

Gold Fields eyes rapid ramp-up at new Chile mine, lifts output forecast

South Africa's Gold Fields (GFIJ.J), opens new tab on Thursday raised...

Emerging economies must grow ‘much faster’ to repay debt, says World Bank

The World Bank warned that high borrowing costs have...

Ghana’s LNG project on target for year-end completion, regulator says

Ghana’s top oil regulator expects the country’s long-delayed natural...