With Morocco, Société Générale continues its disengagement from the African continent
This week, the news of the disengagement of Société Générale du Maroc was revealed and strongly commented on, even if it has not yet been officially confirmed.
The headquarters of Société Générale, in the west of Paris, in February 2013 (illustrative image).
AP - Christophe Ena
By: RFI Follow
Advertisement
Read more
According to various media, including
Jeune Afrique
, the former Moroccan Minister of Industry and Commerce, Moulay Hafid Elalamy would be ready to buy back 60% of the bank's shares for the sum of 730 million euros.
In 2023, Société Générale announced its departure from six countries on the continent (Congo-Brazzaville, Equatorial Guinea, Mauritania, Chad, Burkina Faso and Mozambique), and strategic reflection is underway in Tunisia.
If Morocco's disengagement is confirmed, this decision would therefore be a continuation of
that of Société Générale on the African continent
.
Slawomir Krupa, who took over as head of the French bank last spring, changed the group's policy.
“
2023 was a year of transition and transformation
,” he highlighted when announcing the 2023 financial results.
In its financial report, Société Générale highlights its desire to capitalize on its “
leading positions
”.
Specifying its priorities on the continent: “
Supporting the development of African SMEs, infrastructure financing, financial inclusion and innovative financing in renewable energies and agribusiness
”.
Sale of the least profitable franchises
There are ambitions, but also difficulties for the bank.
It put an end to its mobile money tool, for example.
Fight against money laundering, compliance with sanctions, etc.
A person close to the case also confided to RFI the challenge represented by the “
obligation of vigilance
”.
Placing a significant weight - notably legal - on the shoulders of those responsible.
Some analyze in this policy, the sale of the least profitable franchises to reduce costs.
However, notes the specialized media Sikafinance, the Moroccan sale “
creates uncertainty
”.
“
It is imperative to think about the possibility of the disintegration of the most influential banking group in Côte d'Ivoire
,” he warns.
Société Générale claims to be the leading international bank in West Africa, with a strong presence in Ivory Coast, Senegal and Cameroon.
In 2023,
African subsidiaries
accounted for 8% of the group's net banking income.
Newsletter
Receive all the international news directly in your inbox
I subscribe
Follow all the international news by downloading the RFI application
Share :
Continue reading on the same themes:
Morocco
Economy
Finance