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French Banking Group Takes a Step Back in some African Markets

Société Générale announced on Friday the conclusion of agreements with two African banking groups to sell them four of its subsidiaries. Two will be in Congo and Equatorial Guinea at the Vista group, the others in Mauritania and Chad at the Coris group. The two groups “would take over all the activities operated by Société Générale in Congo, Equatorial Guinea, Mauritania and Chad, as well as all the client portfolios and all the employees within these entities”, explains a press release of the bank, which also announces the opening of a strategic reflection on its subsidiary in Tunisia. The Société Générale group, which has a long-standing presence in Africa, “intends to concentrate its resources on markets where it can position itself among the leading banks, in synergy with the group’s other businesses”.