SocGen to sell two more African businesses to Vista Group

Key Takeaways

Societe Generale's move adds to the previously announced sales of four other African businesses in Congo Brazzaville, Equatorial Guinea, Mauritania, and Chad. This strategic move is part of Societe Generale's broader decision to reduce its presence in Africa, marking the first major decision under CEO Slawomir Krupa's leadership aimed at optimizing the bank's capital utilization. Societe Generale is not alone in this trend, as other major European banks have also been scaling back their presence in Africa. Barclays sold its remaining 7.4% stake in South African bank Absa in August of the previous year, effectively marking its almost total exit from the continent after a 90-year presence. Standard Chartered announced in April of the same year that it would exit five African countries—Angola, Cameroon, Gambia, Sierra Leone, and Zimbabwe—as it focused on faster-growing markets. BNP Paribas, a larger French rival, began its retreat from the sub-Saharan African market in 2019, selling businesses in Gabon and Guinea, followed by the sale of subsidiaries in Senegal and Ivory Coast.