Central Bank of Mauritania suspends Société Générale Mauritanie buyout by Burkina Faso-based Coris Holding

The Central bank of Mauritania, BCM, has reportedly suspended the acquisition of Société Générale Mauritanie, the subsidiary of Paris-based Société Générale, by Burkina Faso-based Coris Holding over an alleged fraud accusation leveled at Coris.

Société Générale in June 2023 announced the sales of several of its subsidiaries in the southern Sahara including Mauritania.

The bank indicated that it was relinquishing its majority shares in its subsidiaries in Mauritania and Chad to Coris Holding. The transaction, financial institution indicated, will be completed by end of 2023 but are subject to regulators.

BCM, local media ‘Taqadomy’ reports citing some sources familiar with matter but who did not want to be named, suspended the deal after Mauritanian investors including a Mauritanian businessman based in Burkina Faso lodged accusation of fraud against Coris.

The regulator, the sources also stress, could cancel the entire transaction that has been in advance phase.