Finance

South Africa: Société Générale sells its custody and trustee services to Absa Group

South Africa: Société Générale sells its custody and trustee services to Absa Group
Friday, 18 January 2019 21:17

On January 18, 2019, Société Générale confirmed that it sold its custody and trustee services in South Africa to Absa Group, the financial entity born from the sale of an important part of Barclays group's assets in Sub-Sahara Africa.

Absa also agreed to keep Société Générale's activities in South Africa, notably, the client portfolio, IT systems, and all the employees used by the group in its safekeeping activities.

Securities lending and borrowing services are not part of the deal that still needs to be validated by competent authorities.

"The acquisition supports our growth strategy in Africa. The transaction allows Absa to re-establish a firm foothold in the custody and trustee services market and provides us with the opportunity to expand our offer to corporate clients in South Africa", said Maria Ramos, Absa group's CEO.

Idriss Linge

On the same topic
• CEMAC MFI Non-Performing Loans edge up 8.9 % to 178B CFA in 2024, regional review shows• BEAC study notes one member hosts 73.7 % of CEMAC’s...
• Equatorial Guinea’s economy will contract by 3.1% in 2025 after a modest 0.9% growth in 2024.• Afreximbank will raise $4.5 billion to fund the...
Legal appeals and calls for stability following leadership shake-up delay the Group’s listing on the Central African stock exchange. Highlights ●...
Cenntro has signed a deal with Moroccan firm Electricove to build an EV assembly plant. The factory will assemble models like the Teemak and LS450...
Most Read
01

The fintech leaders primarily emerge from Nigeria, Egypt, Kenya, and South Africa, nations recognize...

10 African Fintech Unicorns and Upstarts Make World’s Top 300
02

By linking ECOWAS countries, the project enhances regional digital infrastructure, which is crucial ...

Liberia, ECOWAS & World Bank collaborate on second West Africa submarine cable plan
03

As digital technologies reshape Africa's job market, digital skills are becoming crucial for youth i...

Africa Faces 'Critical' Digital Skills Gap as Youth Population Booms, UN Warns
04

Non-bank institutional investors, though still a minority, are increasing their presence in the West...

Non-Bank Investors Gain Foothold in WAEMU Sovereign Debt Market
05

Highlights: • $20 billion in investment pledged by Chinese firms for agriculture, mining, auto...

Nigeria Secures $20 Billion in Chinese Investment to Drive Industrial Growth
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.