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France Banking Giant Selling Africa Assets

FILE: The logo of Societe Generale is seen on the headquarters at the financial and business district of La Defense near Paris, France, on Feb. 4, 2020.

PARIS - French banking giant Societe Generale announced Thursday agreements to sell its subsidiaries in Chad, Congo-Brazzaville, Equatorial Guinea and Mauritania to two pan-African firms.

The Vista Group will acquire Societe Generale Congo and Societe Generale de Banques en Guinee Equatoriale, the bank said in a statement.

The Coris Group will get Societe Generale Mauritanie and Societe Generale Tchad.

The transactions are expected to be completed by the end of the year, according to Societe Generale.

"Africa is a geography with growth potential, where the Group has built a historic presence and intends to focus its resources on markets where it can position itself among the leading banks," the bank said.

Societe General has also launched a strategic review of its 52-percent stake in its subsidiary in Tunisia, Union Internationale de Banques (UIB).