French lender Societe Generale has finalised the acquisition of a stake in Mauritius Commercial Bank Mozambique (MCBM), following the signing of a deal between the two banks in March 2015.

With this deal, Societe Generale has become the majority shareholder in MCBM, with a 65% holding in the bank.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

"By relying on the Group’s unique positioning in Africa, which combines the benefits of an international bank and the proximity of a local one, Societe Generale Moçambique will support the country’s growth while developing the Group’s universal banking services for local and international businesses and retail clients," the French banking group said in a statement.

The bank has also named Laurent Thong Vanh as the CEO of Societe Generale Moçambique.

Societe Generale presently operates in 18 African countries.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.