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
