Societe Generale completed the sale of its banking subsidiaries in Guinea and Mauritania on 11 August 2025, the latest step in the French group's withdrawal from retail banking in Africa.
The buyer of Societe Generale's 57.93% stake in Société Générale Guinée is Atlantic Financial Group, through AFG Holding. AFG Holding announced the completion of the acquisition of the majority stake on the same day, saying the transaction had been approved by the relevant regulatory authorities. Financial terms were not disclosed.
GUINEA AND MAURITANIA
Société Générale Guinée had assets of about EUR 950 million at the end of 2024 and served around 100,000 retail clients and 3,500 professional clients through 24 branches. The agreement for AFG Holding to take control of the Guinean bank was first announced in September 2024.
Societe Generale also completed the sale of Société Générale Mauritanie to a consortium of Enko Capital and Oronte. Nicolas Roca has been named chief executive of the Mauritanian bank under its new owners. An earlier agreement to sell the Mauritanian subsidiary to Coris Bank, announced in June 2023, fell through after the Mauritanian authorities refused approval.
WIDER RETREAT
The two disposals follow earlier sales of Societe Generale subsidiaries on the continent, including the sale of a 70% stake in Société Générale Madagasikara to BRED Banque Populaire. The group's remaining sub-Saharan presence includes its operations in Côte d'Ivoire. The exits are part of a broader withdrawal by French and European banks from retail banking in Africa, a trend that also saw BNP Paribas sell subsidiaries in Mali, Comoros and Gabon to AFG in 2020.
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