France's Societe Generale has acquired 51% of the capital of Banque Internationale d'Investissement, following the purchase's approval by the Central Bank of Mauritania.
Societe Generale said that, alongside European investors with significant experience in the Mauritanian market – namely Ballouhey SA and the European Investment Bank, it aims to turn Banque Internationale d’Investissement into a benchmark for the country’s banking sector.
This move will strengthen Societe Generale’s positions in North and West Africa, where the group is a leading player, commented Gerald Lacaze, head of Africa, Mediterranean and overseas areas within the French group’s international retail banking division.
Societe Generale currently has 395 branches in North Africa, and one million customers across its retail banking network in Algeria, Egypt, Morocco and Tunisia. In West Africa, meanwhile, the bank’s retail banking activities cover six countries (Benin, Burkina Faso, Ivory Coast, Ghana, Guinea and Senegal), with 130 branches and 565,000 customers.