12 °c
London
Monday, January 30, 2023
No Result
View All Result
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
No Result
View All Result
FurtherAfrica
No Result
View All Result
Home Banking

Societe Generale speeds up its growth in Africa with an acquisition in Mozambique

FurtherAfrica by FurtherAfrica
October 23, 2015
in Banking, Economy, FDI, Finance, Infrastructure, Mozambique
Reading Time: 2 mins read
860 45
0
Share via QRWhatsappShare on FacebookShare on TwitterLinkedInPinteresteMail

Societe Generale has taken a major step forward in its development on the African continent with the signature of an agreement with Mauritius Commercial Bank to acquire a stake in Mauritius Commercial Bank Mozambique (MCBM). Societe Generale will own the majority of the capital through a capital increase reserved for the Group. The operation must be approved by the Central Bank of Mozambique.

“We are very pleased with this new collaboration with Mauritius Commercial Bank, which will further tighten the links we have established since 2003 through our 50/50 interest in Banque Française Commerciale Océan Indien. This partnership marks a new stage in Societe Generale’s development in Africa, particularly in non-French speaking parts of the continent, and demonstrates our ongoing commitment to African economies, going back more than 100 years. The partnership strengthens the group’s presence in Southern Africa and Indian Ocean, alongside its subsidiaries in Reunion Island and Madagascar”
Alexandre Maymat,Head of Africa/Asia/Mediterranean and Overseas regions for International Banking and Financial Services

Recording one of the highest growth levels in the world over the last ten years, Mozambique shows strong growth potential, notably in the area of infrastructures in view of the recent gas field discoveries. Societe Generale will rely on this new subsidiary in Mozambique, in partnership with Mauritius Commercial Bank, to support growth in the country by developing its universal banking services, notably in the area of financing for local and international companies.

“We are very pleased with this new collaboration with Mauritius Commercial Bank, which will further tighten the links we have established since 2003 through our 50/50 interest in Banque Française Commerciale Océan Indien. This partnership marks a new stage in Societe Generale’s development in Africa, particularly in non-French speaking parts of the continent, and demonstrates our ongoing commitment to African economies, going back more than 100 years. The partnership strengthens the group’s presence in Southern Africa and Indian Ocean, alongside its subsidiaries in Reunion Island and Madagascar”, says Alexandre Maymat, Head of Africa/Asia/Mediterranean and Overseas regions for International Banking and Financial Services.

Now present in 18 African countries, Societe Generale holds a unique positioning, allowing it to offer clients the benefits of an international bank and the proximity of a local bank. This new development will allow Societe Generale to consolidate its position as the leading universal banking network in Africa for businesses. In Africa, the Group accompanies local economies, and serves more than three million clients, including 150,000 businesses.

Source: Societe Generale

Related

Tags: AcquisitionBankFranceMaputoMozambiqueSociete Generale
ScanSendShare362Tweet226Share63Pin81Send
FurtherAfrica

FurtherAfrica

Founded in 2015 FurtherAfrica is an online platform centralising news and content focusing on the development and growth story of the African continent.

Related Posts

Russia’s VTB says in talks to prolong Angola’s $1.5 billion loan to 10 years
Trade

First fertilizer shipment from Russian for Africa arrives in Mozambique

by Club of Mozambique
January 30, 2023
Energy

Mozambique’s Cahora Bassa production neared 16000 GWh in 2022

by Club of Mozambique
January 28, 2023
Stimulus package to boost Mozambique shipping sector
Economy

Stimulus package to boost Mozambique shipping sector

by Elizabeth Khumalo
January 27, 2023
Energy

Mozambique has US$343M for new power connections

by Club of Mozambique
January 27, 2023
Finance

“Let Us Act to Transform Africa’s cities”— Adesina to African Mayors

by Fabio Scala
January 27, 2023
Platform Africa 2023
 
Mozambique eVisa
 
MozParks
 

Translate this page

Read the Latest

Agriculture

IFAD and AfDB on a mission to boost agricultural productivity in Africa

by Farmers Review Africa
January 30, 2023
0

As food security for millions of Africans continues to be impacted by rising food and fuel prices further compounded by...

Read more

South Africa’s Virginia gas project produces first Helium

January 30, 2023

Harnessing 4IR to propel Africa’s economy to address unemployment

January 30, 2023
Russia’s VTB says in talks to prolong Angola’s $1.5 billion loan to 10 years

First fertilizer shipment from Russian for Africa arrives in Mozambique

January 30, 2023

WFP welcomes major donation of €65.5M from EU to address food crisis in 11 African countries

January 29, 2023

FurtherAfrica Partners Network

The Exchange Club of Mozambique Taarifa Rwanda
TechGist Africa Africa Oil & Power Farmers Review Africa
Tanzania Invest Zambia Invest See Africa Today
Africa Global Funds Novafrica CrudeMix Africa
Harambee Africa Botswana unplugged Financial Insights Zambia
O Económico Digilogic Africa Web3Africa

Subscribe to FurtherAfrica

Enter your email address to receive new articles on your email.

Join 99,623 other subscribers.
FurtherAfrica

© 2021 FurtherMarkets

FurtherAfrica is a FurtherMarkets Limited platform

  • Countries
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

Follow Us

No Result
View All Result
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

© 2021 FurtherMarkets

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?