Société Générale announced on Friday that it has entered into agreements with two African banking groups to sell them four of its subsidiaries. Two will be in Congo and Equatorial Guinea in the Vista group, the others in Mauritania and Chad in the Coris group.
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The two groups “would take over all activities operated by Societe Generale in Congo, Equatorial Guinea, Mauritania and Chad, as well as all client portfolios and all employees within these entities,” explains a press release from the bank, which also announces the opening of a strategic reflection on its subsidiary in Tunisia.
The Société Générale group, which has a long-standing presence in Africa, “intends to concentrate its resources on markets where it can position itself among the leading banks, in synergy with the group’s other businesses”.
These operations could take place “until the end of the year” and envisage the full sale of the 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. Societe Generale Générale currently owns 93.5%, 57.2%, 95.5% and 67.8% respectively.
The banking group also owns 52.34% of the capital of Union Internationale de Banques (UIB), Société Générale’s subsidiary in Tunisia. It announces that it has also “opened a strategic reflection on its participation” in the entity.
Reaction from the Government of Equatorial Guinea
There is still no official position from the government on the decision of the entity to sell its assets in Equatorial Guinea, but the Minister of Finance and Budgets, Fortunato OFA MBO, has stated on his Twitter account that any activity of selling the shares of the partners must be in accordance with the statutes of the bank and the legislation of Equatorial Guinea.
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Societe Generale de Banques en Guinée Equatoriale
Société Générale de Banques en Guinée Equatoriale (SGBGE) operates in Equatorial Guinea as a subsidiary of the Société Générale Group. It is one of the most distinguished banks in Equatorial Guinea, being a reference in services such as comprehensive information. Since 1998, SGBGE has been an integral part of Equatorial Guinea’s economy. The bank excels in retail and corporate banking segments (international companies and small and medium enterprises). SGBGE has the largest branch network in Equatorial Guinea and stands out in the market thanks to its innovative approach in services such as :
Taxation
Investment Advisory Services
Real Estate Investment.
Other Financing.
Corporate and Investment Banking
Global Transaction Banking