Societe Generale, Absa sign MoU to launch pan-african wholesale banking offering

Thursday 24 January 2019 13:14 CET | News

Financial services companies Societe Generale and Absa Group have signed a memorandum of understanding (MOU) to roll out a pan-African wholesale banking offering.

Absa has also agreed to buy Societe Generale’s custody, trustee and clearing services operated in South Africa to advance its growth strategy.

Societe Generale has a presence in 19 African countries, mainly in Western and Northern Africa. The bank offers its clients with the expertise of an international combined with the proximity of local banking networks.

Absa has a presence in 12 countries across Southern and Eastern African region. The bank has insights of these local markets, which allows them to meet the needs of its clients with a full range of local banking solutions.

Through the partnership, Societe Generale and Absa plan to leverage the geographical complementarity and combined strengths to reinforce their expertise and offer a range of banking products and services to international and domestic corporate clients and financial institutions operating in the continent.

In a separate deal, Absa will acquire the related activities conducted by Societe Generale in South Africa, notably its client portfolio, IT systems and all the employees dedicated to these activities.

This acquisition is subject to approval from relevant authorities which is expected to be obtained by the end of 2019.

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Keywords: Societe Generale, Absa, wholesale banking, South Africa, MOU, finance
Countries: World

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