70 % stake held by Société Générale sold

An agreement has been signed with Bred Banque Populaire for the complete sale of its shares in Société Générale Madagasikara, announced in a statement by Groupe Société Générale.

Bred Banque Populaire will acquire 70 % of the shares held by Société Générale. This acquisition includes all activities, client portfolios, and employees of the Malagasy subsidiary. The transaction is expected to be completed by the end of the first quarter of 2025, subject to customary conditions precedent and approval from financial and regulatory authorities. According to Société Générale, this operation will have a positive impact on its CET1 ratio, increasing it by two basis points.

Bred’s consolidated net banking income (NBI) amounted to 1.34 billion EUR in 2023, with a net profit of 319 million EUR. This acquisition represents a crucial moment for Bred, particularly by enhancing its global visibility and strengthening its position in the African banking market, including Madagascar. Both parties express confidence in the success of this transaction. This acquisition is part of Bred’s growth strategy and its desire to extend its influence beyond French borders.