Conakry, Guinea – (African Boulevard News) – French multinational financial institution, Societe Generale, has sold four of its subsidiaries in Congo, Equatorial Guinea, Mauritania and Chad. The sale, which was concluded in agreements with two different African banking groups, is part of Societe Generale’s plan to streamline its activities and focus on its core markets.
Societe Generale has been operating in Africa for over a century and the bank is one of the largest financial institutions on the continent. The bank is present in 18 countries across the continent, with a total of 2,500 branches and 15,000 employees. The sale of the four African subsidiaries is a significant move for the bank, which has been facing a challenging economic environment and increased regulatory scrutiny.
The acquisition of Societe Generale’s subsidiaries in Congo, Equatorial Guinea, Mauritania and Chad was made by two different African banking groups. In Congo, the subsidiary was sold to AccèsBanque Congo, while in Equatorial Guinea, the subsidiary was sold to Banco Nacional de Guinea Ecuatorial. In Mauritania, Societe Generale sold its subsidiary to the Moroccan bank, Attijariwafa Bank, while in Chad, it sold to a consortium of Chadian investors.
The sale of the four African subsidiaries is part of Societe Generale’s strategy to focus on its core markets of France, Europe, and Africa. The bank aims to strengthen its presence in these markets and to continue to serve the needs of its clients in these regions.
“The sale of these subsidiaries is part of our strategy to focus on our core markets and to streamline our activities. We remain committed to Africa and will continue to serve the needs of our clients in the region,” said Frederic Oudea, CEO of Societe Generale.
Industry experts have praised the move by Societe Generale, calling it a smart business decision. “Societe Generale’s decision to sell its subsidiaries in Congo, Equatorial Guinea, Mauritania and Chad is a smart move. This allows the bank to focus on its core markets and to strengthen its position in these markets. It also allows the bank to reduce its exposure to riskier markets,” said Jean-Michel Six, Chief Economist for Europe, Middle East and Africa at Standard & Poor’s.
The sale of the four African subsidiaries is a significant move for Societe Generale and its clients in Africa. While the bank plans to continue serving the needs of its clients in the region, the sale will allow it to focus on its core markets and to strengthen its position in these markets.
