Finance

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

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

(Ecofin Agency) - 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



 
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