Societe Generale bank sells out its South African unit to ABSA

January 18, 2019 7:22 PM

Societe Generale bank has revealed that it will its South African unit.

Societe Generale bank

The revelation was made on Friday, January 18, 2019.

According to the French bank, it is offering the custody, trustee and clearing services to South Africa-listed bank ABSA. This the bank said is part of a strategy to review its scope of businesses.

Currently, the bank has not disclosed the amount of the transaction.

The bank also signed an agreement with ABSA to mutually provide wholesale banking services in most African countries.

“The agreement between the two banks includes a specific offer to service Chinese companies operating in Africa,” reports indicate.

Despite some crises the bank may have been going through, its unit in Ghana has been able to meet the recapitalization requirement of $81 million (GH¢400 million) minimum paid-up capital which the central bank in Ghana, the Bank of Ghana required the universal banks in the country to pay before the end of last year.