Absa Chief Executive Maria Ramos looks on during a rebranding launch where Barclays Africa changed its name back to Absa on Wednesday, at the Johannesburg stock exchange in Sandton, South Africa, July 11, 2018. REUTERS/Siphiwe Sibeko
French Bank Sells its South African Unit to ABSA
French bank Societe Generale said on Friday it agreed to sell its South African unit offering custody, trustee and clearing services to South Africa-listed bank ABSA as part of a strategy to review its scope of businesses. Societe Generale did not disclose the amount of the transaction. The French bank also signed an agreement with […]
Absa Chief Executive Maria Ramos looks on during a rebranding launch where Barclays Africa changed its name back to Absa on Wednesday, at the Johannesburg stock exchange in Sandton, South Africa, July 11, 2018. REUTERS/Siphiwe Sibeko
French bank Societe Generale said on Friday it agreed to sell its South African unit offering custody, trustee and clearing services to South Africa-listed bank ABSA as part of a strategy to review its scope of businesses.
Societe Generale did not disclose the amount of the transaction.
The French bank also signed an agreement with ABSA to jointly provide wholesale banking services in most African countries.
The agreement between the two banks includes a specific offer to service Chinese companies operating in Africa.
(Reporting by Inti Landauro; Editing by Leigh Thomas)