French banking giant Societe Generale has accelerated its growth in Africa by signing a deal with Mauritius Commercial Bank to acquire a stake in its Mauritius Commercial Bank Mozambique (MCBM).
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Under the agreement which is subject to approval of Central Bank of Mozambique, Societe Generale will own the majority of the capital through a capital increase reserved for the group.
The French bank will utilize the new subsidiary, leveraging the support of Mauritius Commercial Bank, to enhance growth in the country by developing its universal banking services, particularly in the area of financing for local and international companies.
Societe Generale head of Africa/Asia/Mediterranean and overseas regions for international banking and financial services Alexandre Maymat said: "This partnership marks a new stage in Societe Generale’s development in Africa, particularly in non-French speaking parts of the continent, and demonstrates our ongoing commitment to African economies, going back more than 100 years.
"The partnership strengthens the group’s presence in Southern Africa and Indian Ocean, alongside its subsidiaries in Reunion Island and Madagascar."
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By GlobalData
