For the year 2015, all 13 African subsidiaries of Société Générale generated a Net Banking Revenue (NBR) of €1.1 billion, with 3.7 million customers. From these, the Moroccan subsidiary is the leading contributor with net banking revenue of €364 million, followed by Algeria with €134 million. Cote d’Ivoire is third in Africa in this regard and first in Sub Saharan Africa with an NBR of €124 million.

These results are mainly explained by the significant growth (+9%) of loans to companies, €14.11 billion. Despite a cost/income ratio of 56.7%, Société Générale, in 2015, has seen its revenues increase (+21%) in Africa. The same goes for its volume of collected deposits (€14.5 billion).

Another good point for the banking group is that the global exposure to underlying assets in emerging countries fell to 11.7% in 2015 from 13.6% at the end of 2012. Also, Africa represents only 24% of the overall exposure. African risk-weighted assets of the firm reached €18.2 billion at the end of 2015.

Additionally, during the past year, the group also arranged a sovereign loan for Cameroon, with the local subsidiary of Standard Chartered Bank. This transaction produced quite a mitigated result considering that the Central African nation got a record rate of 10.75% for a Eurobond and only half ($750 million) of the sum it initially expected ($1.5 million).

The company, as a bookkeeper and main mandated arranger, arranged a financing of $75 billion directed to AB Inbev, global leader on the beer market, for the acquisition of South African SAB Miller plc.

At the end of 2015, Société Générale Cote d’Ivoire who is listed on Bourse Régionale des Valeurs Mobilières of WAEMU in Abidjan, joined the 30 leading market capitalizations of the sub Saharan financial markets, South Africa excluded. Tunisian subsidiary (Union des Banques pour le Commerce International) and Ghanaian subsidiary of Société Générale, are also listed in the respective markets.

Idriss Linge