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SocGen Announces Agreements To Sell Some Subsidiaries In Africa



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June 8 (Reuters) -Societe Generale SA SOGN.PA:

  • SOCIETE GENERALE ANNOUNCES AGREEMENTS TO SELL ITS SUBSIDIARIES IN CONGO, EQUATORIAL GUINEA, MAURITANIA AND CHAD AS WELL AS THE OPENING OF A STRATEGIC REVIEW ON ITS SUBSIDIARY IN TUNISIA

  • THE COMPLETION OF THESE TRANSACTIONS COULD TAKE PLACE BY THE END OF 2023

  • THESE DISPOSALS WOULD HAVE A POSITIVE IMPACT OF APPROXIMATELY 5 BPS ON THE GROUP'S CET1 RATIO AT THEIR COMPLETION DATE.

  • SOCIETE GENERALE HAS ALSO LAUNCHED A STRATEGIC REVIEW OF ITS 52,34% STAKE IN UNION INTERNATIONALE DE BANQUES (UIB), THE SUBSIDIARY OF SOCIETE GENERALE IN TUNISIA.

  • TWO PAN AFRICAN BANKING GROUPS VISTA AND CORIS WOULD TAKE OVER ALL ACTIVITIES OPERATED BY SOCIETE GENERALE IN CONGO, EQUATORIAL GUINEA, MAURITANIA AND CHAD, AS WELL AS ALL OF SOCIETE GENERALE'S CLIENTS PORTFOLIOS AND ALL EMPLOYEES WITHIN THESE ENTITIES


Further company coverage: SOGN.PA


(Gdansk Newsroom)

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