PARIS - In a significant reshaping of its African operations, Societe Generale (OTC:SCGLY), one of Europe's leading banks, has struck a deal to sell the majority of its stakes in two subsidiaries to Vista Group.
The agreement involves a 52.6% share in Societe Generale Burkina Faso and a 65% stake in Banco Societe Generale Moçambique. This transaction is part of the bank's strategic realignment and will see all subsidiary functions, client portfolios, and employees transferred to Vista Group.
The sale is expected to be completed in 2024, subject to the approval of regulatory authorities and financial governance bodies.
Soceite General has a presence in over 60 countries and expertise in various banking sectors including French Retail Banking, Global Banking with a focus on Equity Derivatives, and International Retail Banking.
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