Société Générale Continues to Disengage from the African Continent
The French giant has signed an agreement with Atlantic Financial Group, a pan-African banking group, to sell its entire 57.93% stake in Société Générale Guinée (Conakry). According to the commitments made, Atlantic Financial Group will take over all the activities operated by this subsidiary, including the entire client portfolio and all employees. The operation is expected to have a positive impact of 0.02% on Société Générale's common equity Tier 1 ratio. The transaction amount has not been disclosed.
Just a month ago, the subsidiary in Madagascar was sold (70% of the capital) to BRED Banque Populaire. Other disposals are underway, according to the group's latest results presentation. These include subsidiaries in Equatorial Guinea, Mauritania, Burkina Faso, Mozambique, Morocco, Benin, and Togo.
Regarding Tunisia, UIB has a special and unique status, being in a strategic review phase. In other words, a sale is not necessarily the natural outcome of such a review. It is highly likely that the French bank will ultimately decide to stay with a new development plan. Everything remains possible, and the coming months will bring an answer.
