Vista Group Holding announced on 9 August 2024 that it had completed its acquisition of Banco Société Générale Moçambique (BSGM), taking 100% of the bank. The deal completes Societe Generale's exit from Mozambique.
BSGM, which operates eight branches, is to be renamed Vista Bank Moçambique.
DECEMBER 2023 AGREEMENT
Societe Generale agreed in December 2023 to sell its retail banking operations in Mozambique and Burkina Faso to Vista, covering its 65% stake in the Mozambican bank and its 52.6% stake in Societe Generale Burkina Faso. Under the agreement, Vista was to take over all activities, client portfolios and employees of the two subsidiaries. The financial terms were not disclosed, and the sale was subject to regulatory approvals, with closing expected in 2024.
The disposals form part of Societe Generale's withdrawal from a number of African markets under chief executive Slawomir Krupa, who took charge of the French group in May 2023.
The Mozambique transaction is the first of the two to close. The sale of the Burkina Faso subsidiary is still pending.
VISTA'S EXPANSION
With the addition of Mozambique, Vista operates in five countries: Burkina Faso, The Gambia, Guinea, Mozambique and Sierra Leone. The group has said it aims to operate in 25 African countries by 2026. Chairman Simon Tiemtoré described the acquisition as an important milestone in the group's ambition to become a pan-African financial services group, saying it would allow Vista to increase its support for economic growth and financial inclusion. Vista Group is owned by Lilium Group LLC and serves individuals, small and medium-sized enterprises, companies and governments.
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