(Ecofin Agency) - The move comes after the French group sold its subsidiaries in Burkina Faso, Mali, Guinea, Senegal, Tunisia, and Côte d’Ivoire.  

French banking group BNP Paribas has commissioned Barclays as an advisor for the sale of its South African subsidiary specializing in consumer credit and financial services, Bloomberg reported last Tuesday citing sources “familiar with the matter.”  

The French banking group has "started a formal process to dispose of the credit and financial-services provider that operates across South Africa, Namibia, and Botswana," Bloomberg wrote.

BNP Paribas acquired the South African subsidiary (RCS Group), in 2014, from Standard Bank and South African fashion retailer Foschini Group for ZAR2.65 billion (US$147 million).

RCS Group, which was founded in 1999, provides its customers with consumer credit, private credit cards, and insurance policies, among other services.  Its sale is the continuation of BNP Paribas' plan to withdraw from Africa and refocus on European and Asian markets. In recent years, the French banking group has sold its subsidiaries in Burkina Faso, Mali, Guinea, Senegal, Tunisia, and Côte d’Ivoire. 

Once the sale is completed, the group's African presence will be limited to Morocco and Algeria.