Paris-based multinational financial services company, “Société Générale”, also known as SocGen, has withdrawn from four African countries including Chad and Congo.
The firm has not disclosed the reason behind the pullout but it analysts believe the move is due to the growing anti-French sentiment in those countries.
France is facing a growing rejection of its foreign policy in its former colonies in southern Sahara. Its influence has dwindled in Mali, Burkina Faso and Central African Republic.
Société Générale has inked agreements respectively with Burkina Faso-based Coris Holding and Paris-based Vista Holding for the takeover.
Per the deals, Coris will take control group’s branches in Mauritania and Chad while Vista will control the subsidiaries in Congo and Equatorial Guinea.
“Completion of these transactions, which could take place by the end of 2023, is subject to the approval of the entities’ governing bodies, to the usual conditions precedent, and to validation by the relevant financial and regulatory authorities”, Société Générale said in a statement.
Source: North Africa Post
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