France-Africa: Société Générale pulls out of four African countries

Paris-based multinational financial services company, Société Générale, also known as SocGen, has withdrawn from four African countries, namely Chad, Congo, Equatorial Guinea, and Mauritania.

The company announced this Thursday that it has signed agreements with two pan-African banking groups for the sale of its subsidiaries in the four African countries.

The company has not disclosed the reason behind the pullout but analysts believe the move is due to the growing anti-French sentiment in those countries.

France is facing a growing rejection of its foreign policy in its former colonies in sub-Sahara. Its influence has dwindled in Mali, Burkina Faso, and Central African Republic.

Société Générale has inked agreements respectively with Burkina Faso-based Coris Holding for the takeover of the group’s branches in Mauritania and Chad and with Paris-based Vista Holding that will take control the subsidiaries in Congo and Equatorial Guinea.

“Completion of these transactions, which could take place by the end of 2023, is subject to the approval of the entities’ governing bodies, to the usual conditions precedent, and to validation by the relevant financial and regulatory authorities”, Société Générale said in a statement.