Marrakech – A consortium of investors, including Enko Capital and Oronte, announced Monday the finalization of their acquisition of Société Générale’s Mauritanian retail banking subsidiary. This marks the French bank’s latest withdrawal from the African continent, following its exit from Morocco last year.
The consortium says its aim is to strengthen the bank’s position as a central player in financing the Mauritanian economy. They will focus particularly on strategic sectors including mining, gas, agriculture, and SMEs. The financial details of the transaction were not disclosed.
Société Générale had been the reference shareholder of Société Générale Mauritanie (SGM) since 2007. This subsidiary operates 11 branches serving nearly 40,000 customers. It generates €35 million in net banking income and €9.9 million in net profit, according to a spokesperson for the acquirers.
The French banking group has been actively divesting its African subsidiaries over the past two years. This strategy aligns with the roadmap set by CEO Slawomir Krupa, who has led the group since May 2023.
Just last month, Société Générale announced an agreement to sell its Cameroonian subsidiary to the state. The bank will transfer its entire 58.08% stake, which would give the Cameroonian government 83.68% ownership of the entity.
This transaction is expected to conclude by year-end and would positively impact the group’s CET1 ratio by approximately 6 basis points.
The Cameroonian subsidiary recorded a net banking income of €146 million in 2024. It employs around 700 staff across nearly 50 branches throughout the country.
Since 2023, Société Générale has sold operations in Congo, Chad, Mozambique, Morocco, and Madagascar. The bank also has ongoing sales processes for subsidiaries in Benin, Burkina Faso, Guinea, Equatorial Guinea, and Togo.
After completing these divestments, Société Générale will maintain a presence in only five African countries: Algeria, Tunisia, Ivory Coast, Senegal, and Ghana.
The bank’s withdrawal from Africa follows similar moves by other French financial institutions, including BNP Paribas, Crédit Agricole, and BPCE. Several factors explain this trend. Primarily, these banks seek to improve profitability and financial indicators by focusing on their European operations.
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Additionally, France’s declining political and economic influence in Africa has reduced business volumes for French banks. The rise of African banking champions from Morocco, South Africa, and Nigeria, coupled with growing influence from China, Russia, India, and Turkey, has further diminished opportunities for European financial institutions.
For Société Générale specifically, the integration of retail and commercial banking activities in African countries has proven challenging. The banking structures, competitive environments, and product strategies differ significantly from those in France or Europe, limiting potential synergies.
The French group’s exit was particularly notable in Morocco. Last December, the Saham Group finalized its acquisition of Société Générale’s Moroccan subsidiaries, a €745 million deal that included Société Générale Marocaine des Banques (SGMB) and La Marocaine Vie.
Just last month, SGMB officially rebranded as Saham Bank, six months after its acquisition. The bank’s supervisory board is now chaired by Moulay Hafid Elalamy, founder of the Saham Group, with Vice-Chairman Moulay M’Hamed Elalamy. Ahmed El Yacoubi leads the executive board, which has maintained its composition under the new ownership.
