Société Générale buys stake in Bank of Mozambique
Posted MAR 27 2015
French bank Société Générale has acquired a stake in The Mauritius Commercial Bank Mozambique, as part of its strategy for growth in Africa, the bank said in a statement issued Thursday in Paris.
The acquisition, whose financial details were not disclosed, will be carried out through a capital increase reserved for Société Générale, which will take a controlling stake, and still requires approval from the Bank of Mozambique.
In the statement, the French bank notes that Mozambique has a strong potential for growth, particularly of infrastructure to support the recent discoveries of natural gas.
MCB Moçambique, so far controlled by the Mauritius Commercial Bank , started operating in August 1999 to support Mauritius entrepreneurs with their businesses in Mozambique.
Société Générale is present in 18 African countries, where it has more than 3 million customers, including 150,000 businesses.