OSLO, NORWAY: Societe Generale, a leading European bank, has announced that it will divest its shares in two of its African subsidiaries: Société Générale Burkina Faso and Banco Société Générale Moçambique.

The bank has signed two agreements with Vista Group, a pan-African financial services group, to transfer its 52.6% and 65% stakes in the two entities respectively.

The Vista Group will take over all the activities, clients and employees of the two subsidiaries, which operate in Burkina Faso and Mozambique. The transactions are expected to be completed in 2024, subject to the approval of the relevant authorities.

Societe Generale said that the decision to sell its African subsidiaries is part of its strategy to optimize its international footprint and focus on its core markets.

The bank has been present in Africa for nearly 160 years and serves 25 million clients in more than 60 countries across the world. The bank said that it will continue to support the development of the African continent through its corporate and investment banking activities, as well as its partnerships with local banks.

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.