(Ecofin Agency) - The French bank group Société Générale announced on 6 October, having finalised the acquisition of 65% of the capital of the bank Mauritius Commercial Bank Mozambique (MCBM), which becomes Société Générale Moçambique.

The bank, which did not disclose the financial terms of the operation, had concluded an agreement last March with Mauritius Commercial Bank for this transaction, achieved by a capital increase reserved for Société Générale.

The French bank announced the appointment of Laurent Thong Vanh to the position of Managing Director of Société Générale Moçambique at the same time.

With the acquisition of MCBM, the group is henceforth present in 18 African countries, where it has more than 3 million customers.

Within the framework of its development plan 2014-2016, Société Générale is aiming for annual revenue growth of 7% and a return on equity (ROE) above 15% in Africa.