Societe Generale has signed two agreements with Vista Group to acquire Societe Generale group’s shares in its local African subsidiaries: Societe Generale Burkina Faso and Banco Societe Generale Moçambique, currently owned at 52.6 percent and 65 percent respectively.
According to the commitments made, the Vista Group would take over all activities operated by these subsidiaries, as well as all Societe Generale’s client portfolios and all employees within these entities.
Vista Group has announced that it has agreed to acquire Societe Generale group’s shares in its local African subsidiaries – Societe Generale Burkina Faso and Banco Societe Generale Moçambique, currently owned at 52.6 percent and 65 percent respectively.
Société Générale Burkina Faso and Banco Société Générale Moçambique, which will further enlarge its presence in Africa.
Simon Tiemtore, Chairman of Vista Group, in a statement, said the agreements to acquire Société Générale Burkina Faso and Banco Société Générale Moçambique confirmed that Vista Bank Group is a pan-African financial services group with operations in 25 countries.
“This will also further Vista’s aim to support the African economic growth,” Tiemtore said.
The Vista Group, which is owned by Lilium Group, provides a full range of innovative and accessible banking services to everyone, especially for retail banking, SMEs, corporate banking and States to drive financial inclusion, economic growth and prosperity in its countries of operation.
Subject to the approval of the relevant regulatory and financial authorities, the acquisition means Vista Group would be taking over all the activities operated by these subsidiaries, as well as all the client portfolios and all the employees of the entities.
The acquisition is Vista Group is a financial services holding company with the objective of building a world-class pan-African financial institution group and contributing to economic and financial inclusion in Africa.
Vista has entered into partnerships with various global financial institutions to drive its growth strategy by focusing on MSME (SME banking, leasing, mesofinance, banking on women), trade and supply chain finance, bancassurance increasing profitability while controlling operating costs and mitigating risks.
Vista is focused on maximising the opportunities in its respective markets to become the financial institution of choice through innovative banking and insurance products.
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