Senegal Positions Itself to Acquire Local Subsidiary of Société Générale as French Group Seeks to Withdraw from Africa
According to EcoFin agency, the transaction is estimated to be around €260 million (approximately $287.6 million). Société Générale, which holds 63.31% of its Senegalese subsidiary, has committed to a disengagement plan from several African markets, including Benin and Togo.
The Senegalese government aims to regain control of this banking institution through the National Bank for Economic Development (BNDE), which is majority-owned by the state at 81.8%.
Senegal seeks to strengthen its financial capabilities to better respond to the needs of its SMEs, which have captured less than 10% of credits granted to businesses in 2023.
The current situation presents an opportunity for Senegal to solidify its position in the banking market while facing a worsening budget deficit, reaching 915 billion FCFA, which encourages the state to borrow more from regional financial markets.
