Vista Group has announced that it has agreed to acquire Société Générale’s banks of Société Générale Congo (in Congo Brazzaville) and Société Générale de Banques in Guinée Équatoriale, which will further enlarge its existing sub-Saharan African footprint.
Simon Tiemtore, Chairman of Vista Group said: “Our agreements to acquire Société Générale’s banks in Congo Brazzaville and Equatorial Guinea add two key Central African countries to our portfolio and represent key progress in our expansion strategy which is to become a pan-African financial services group with operations in 25 countries. This will also further Vista’s aim to support African economic growth.”
The Vista Group, which is owned by Lilium Group, provides a full range of innovative and accessible banking services to everyone, especially women and SMEs, to drive financial inclusion, economic growth and prosperity in its countries of operation.
After the completion of the transaction, Vista Group will acquire all of Société Générale’s shares in Société Générale Congo and Société Générale de Banques in Guinée Equitoriale, 93.5% and 57.2% respectively. Consequently, Vista Group will be taking over all of the activities operated by Société Générale in those 2 markets.
The acquisition is subject to the approval of the relevant regulatory and financial authorities.