Logical continuation of an agreement established in January, the consortium composed of Enko Capital and Oronte announces the finalization of the resumption of 100% of the capital of the retail banking subsidiary of the French banking group.
A consortium of investors composed of Enko Capital and Oronte announced on Monday the finalization of the acquisition of 100% of the capital of the retail banking of Société Générale in Mauritania, a logical following agreement of a agreement in January.
“The consortium aims to strengthen the positioning of the bank as a central player in the financing of the Mauritanian economy, in particular in the strategic sectors (mines, gas, agriculture, SMEs),” said a press release.
Buyers did not communicate a sale price.
Société Générale has been a reference shareholder of Société Générale Mauritanie (SGM) since 2007.
This subsidiary, which has 11 agencies and nearly 40,000 customers, has 35 million euros in net banking products (equivalent to turnover for the sector) and 9.9 million euros in net profit, according to a spokesperson for buyers.
Enko Capital presents itself as an independent management company based in London, which specializes in investments on the African continent, with more than a billion dollars in management. ORONTE is the investment company of the businessman Eric-Ballouhey.
Société Générale has hired for two years the sale of a good part of its subsidiaries in African countries, in application of the strategic roadmap set by its director general Slawomir Krupa, in control of the group since May 2023.
The bank has notably left Congo, Chad, Mozambique and Morocco.
A first SGM sales process, initiated in 2023 with the Coris group, had not ended.