The African banks that are buying some of SocGen’s assets

Dakar — Pan-African banking groups Coris International and privately held Vista will buy some of Societe Generale’s (SocGen’s) businesses, as part of a new generation of emerging lenders that are picking up assets as banking majors such as BNP Paribas, Standard Chartered and Barclays reduce their foot print on the continent.

Coris Bank International

Burkina Faso lender Coris Bank International is listed on West Africa’s BRVM regional bourse and is a part of Coris Holding, founded by Burkinabe entrepreneur Idrissa Nassa, who is also the chair.

The bank has expanded since 2008 to the eight countries of the West African Monetary Union, and Guinea, which has a separate currency.

Taking over SocGen’s operations in Mauritania and Chad would be the group’s first foray into both countries. The bank is competing for market share in the region with lenders including Ecobank and Bank of Africa.

Vista Group

Vista Bank is controlled by US-based investment company Lilium Capital, which was founded by another Burkinabe banker, Simon Tiemtore.

Tiemtore, who has worked at Morgan Stanley in New York and previously headed corporate finance and advisory services at the African Export Import Bank, is chair of Vista and Lilium Captial and is also Lilium’s CEO.

Vista has a retail banking presence in West Africa including in Gambia, Guinea, Burkina Faso and Sierra Leone. Taking over SocGen’s subsidiaries in Congo-Brazzaville and Equatorial Guinea will enable it to expand into the central African regional market.

It also took over BNP Paribas’ majority stakes in subsidiaries in Burkina Faso and Guinea in June and July 2021, respectively.

Reuters