Societe Generale Agrees To Sell Two Subsidiaries In Africa To Vista Group

(RTTNews) - Societe Generale (SCGLF.PK, SCGLY.PK), on Thursday, said it 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.