The pan-African banking groups Vista and Coris Group are close to taking over French banking group Société Générale’s subsidiaries in four African countries. According to a press release from the French banking group, Vista will take over the subsidiaries in the Republic of Congo and Equatorial Guinea, while Coris Group will acquire that of Mauritania and Chad. Under the terms of the agreement, the two pan-African banking groups would take over all the activities of Société Générale, as well as all the customer portfolios and staff. In its release, the French banking group indicates its confidence in the pan-African banks’ ability to ensure the development of the subsidiaries they are acquiring.
This operation is not the first to be completed by Vista under the management of Burkinabe banker Simon Tiemtoré. It previously acquired the subsidiaries of two other French banking groups and also acquired the majority stakes of BNP Paribas in Guinea Conakry (55%) and Burkina Faso (51%), thanks to a €59 million financial backing from Afrexim Bank. Recently, it secured $41.2 million in assistance from the West African Development Bank (WADB) for the acquisition of a majority stake in Orabank Group, a Togolese group owned by a consortium led by Emerging Capital Partners.
However, for Coris Bank, this would be its first acquisition of this scale. The group, based in Burkina Faso and listed on the Abidjan Stock Exchange, already has a significant presence in eight West African countries in addition to its home base.
For the time being, details about the amount for the deal and the financing methods have not been disclosed yet. Nevertheless, Societe Generale expects the transaction, which still requires regulatory approvals, to be completed by the end of 2023.
• Investors seem to keep focusing on yields, which are high for the moment• New Leadership might see...
• Qatar Airways and Kenya Airways establish strategic agreement, introducing a third daily flight be...
• ECOWAS Bank funds 47.7-km stretch of strategic 700-km road project• Lagos-Calabar highway seen boo...
• EY is preparing to leave Francophone Sub-Saharan Africa by 2026• The exit could unlock $500 m...
• Inflation within the West African Economic and Monetary Union (UEMOA) fell to a two-year low of 0....
• Ghana signs a deal with eLearning Africa to expand digital learning access across the country.• The partnership focuses on deploying modern digital...
Ghana launches the Oncology Nurse Leadership Program (ONLEP) to train specialized oncology nurses from seven African countries. The five-year...
Ivanhoe Mines signs deal covering 100% of Kamoa-Kakula smelter’s copper output. The smelter will process up to 500,000 tonnes annually, starting at...
African gas projects drive significant contracts for Asian shipbuilders, especially for Floating Liquefied Natural Gas (FLNG) units. South Korean...
Kolmanskop offers a haunting blend of lost wealth, colonial history, and the unstoppable force of nature. Located just a few kilometers inland from...
Located about 40 kilometers from Cape Town’s city center, Boulders Beach in Simon’s Town is one of the Cape Peninsula’s most iconic destinations. This...