The French banking group Societe Generale announced on October 6, has completed the acquisition of 65% stake in the bank Mozambique Mauritius Commercial Bank (MCBM), which becomes Moçambique Générale.
The bank, which did not disclose financial terms of the transaction, concluded last March an agreement with Mauritius Commercial Bank for this transaction, carried out through a capital increase reserved for Société Générale.
The French bank announced the appointment of parallel Thong Vanh Lawrence as Managing Director of Société Générale Moçambique.
With the acquisition of MCBM, the group is now present in 18 African countries, where it has more than 3 million customers.
As part of its 2014-2016 growth plan, Societe Generale seeks an annual revenue growth of 7% and a return on equity (ROE) above 15% in Africa. Source: Jeune Afrique