July 15 (Reuters) – Societe Generale (SOGN.PA), opens new tab has agreed to sell its Cameroon subsidiary to the State of Cameroon, the France-based international banking group said on Tuesday.
The sale of Societe Generale Cameroun, the value of which was not disclosed, will cover more than 58% shares in the subsidiary, pushing the stake held by Cameroon to 83.7%.
The deal, expected to close by the end of 2025, would have a positive impact of around six basis points on the group’s CET1 ratio, which stood at 13.4% at the end of the first quarter, Societe Generale said. A CET1 ratio measures a bank’s liquidity to its risk exposure.
The lender said that the state would take over all of the activities, client portfolios and employees within the local subsidiary.