SOCIETE GENERALE SIGNS AGREEMENTS TO SELL TWO SUBSIDIARIES IN AFRICA TO VISTA GROUP
Press release
Paris, 7 December 2023
Societe Generale has signed two agreements with Vista Group which plan the total divestment of Societe Generale group’s shares in its local African subsidiaries: Société Générale Burkina Faso and Banco Société Générale Moçambique, currently owned at 52.6% and 65% respectively. According to the commitments made, the Vista Group would take over all activities operated by these subsidiaries, as well as all Societe Generale's client portfolios and all employees within these entities.
The completion of these transactions, which could take place in 2024, is subject to the approval of the entities’ governance bodies, the usual conditions precedent and the validation of the relevant financial and regulatory authorities.
Press contact :
Jean-Baptiste Froville_+33 1 58 98 68 00_ jean-baptiste.froville@socgen.com
Amandine Grison_+33 1 41 45 92 40_ amandine.grison@socgen.com
Societe Generale
Societe Generale is a top tier European Bank with 117,000 employees serving 25 million clients in more than 60 countries across the world. We have been supporting the development of our economies for nearly 160 years, providing our corporate, institutional, and individual clients with a wide array of value-added advisory and financial solutions. Our long-lasting and trusted relationships with the clients, our cutting-edge expertise, our unique innovation, our ESG capabilities and leading franchises are part of our DNA and serve our most essential objective - to deliver sustainable value creation for all our stakeholders.
The Group runs three complementary sets of businesses, embedding ESG offerings for all its clients:
- French Retail, Private Banking and Insurance, with leading retail bank SG and insurance franchise, premium private banking services, and the leading digital Bank BoursoBank.
- Global Banking and Investor Solutions, a top tier wholesale bank offering tailored-made solutions with distinctive global leadership in Equity Derivatives, Structured Finance and ESG.
- International Retail, Mobility & Leasing Services, comprising well-established universal banks (in Czech Republic, Romania and several African countries), Ayvens (the new ALD I LeasePlan brand), a global player in sustainable mobility, as well as specialized financing activities.
Committed to building together with its clients a better and sustainable future, Societe Generale aims to be a leading partner in the environmental transition and sustainability overall. The Group is included in the principal socially responsible investment indices: DJSI (Europe), FTSE4Good (Global and Europe), Bloomberg Gender-Equality Index, Refinitiv Diversity and Inclusion Index, Euronext Vigeo (Europe and Eurozone), STOXX Global ESG Leaders indexes, and the MSCI Low Carbon Leaders Index (World and Europe).
In case of doubt regarding the authenticity of this press release, please go to the end of the Group News page on societegenerale.com website where official Press Releases sent by Societe Generale can be certified using blockchain technology. A link will allow you to check the document’s legitimacy directly on the web page.
For more information, you can follow us on Twitter/X @societegenerale or visit our website societegenerale.com.
Attachment
