(Bloomberg) -- Societe Generale SA is selling two African units as the lender accelerates its pullout from the continent and streamlines its business under a new strategy by Chief Executive Officer Slawomir Krupa.
The Paris-based lender has agreed to sell its majority stakes in units in Burkina Faso and Mozambique to Vista Group, according to a statement Thursday. The transactions are expected to be completed next year, pending regulatory approvals, the lender said.
The disposals add to the long list of units that the bank is trying to offload as Krupa seeks to shore up capital to restore confidence in the lender. SocGen is working with advisers to sell its custodian unit, knowns as SGSS, its equipment finance business, as well as German consumer finance business Hanseatic Bank.
Earlier this year, SocGen announced the sale of four of its African units, two of them to Vista. However, those efforts have run into opposition from local governments, as the Republic of Congo pre-empted one sale and found another buyer, while the finance minister of Equatorial Guinea has expressed his intention to bloc another deal.
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