French bank Societe Generale said Thursday that it had agreed to sell its retail operations in Burkina Faso and Mozambique to the Guinea-based Vista Group.
“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 French bank said in a statement.
The amount of the transaction was not given.
Subject to regulatory approval, the sale could close next year, Societe Generale said.
The French bank owns a 52.6-percent stake in its Burkina Faso subsidiary and 65 percent of the Mozambique operation.
Vista Group describes itself as “a financial services holding company with the objective to build a world-class pan-African financial institution group and contribute to economic and financial inclusion in Africa.”
It has operations in Burkina Faso, Gambia, Guinea and Sierra Leone.
Societe Generale is in the process of withdrawing from Africa as it changes strategy under its new chief executive Slawomir Krupa, who took over in May.
Barron’s
