SocGen to sell two more African businesses to Vista Group
Societe Generale, the third-largest listed bank in France, has reached an agreement to sell its subsidiaries in Burkina Faso and Mozambique to the pan-African banking group Vista Group. As part of the deal, Vista will acquire Societe Generale's 52.6% stake in Societe Generale Burkina Faso and its 65% stake in Banco Societe Generale Mocambique.
Simon Tiemtore, the president of Vista Bank headquartered in Guinea, emphasized that this agreement aligns with Vista's expansion strategy, aiming to establish itself as a pan-African group present in 25 countries. The completion of the sales is contingent on regulatory approvals, according to Vista.
Following these transactions, Societe Generale will maintain its presence in 10 African countries. Additionally, a strategic review of Societe Generale's 52.34% stake in Tunisia's Union Internationale de Banques (UIB) is ongoing, according to a spokesperson for the bank. Financial details of the deals were not disclosed.
Points clés à retenir
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.
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