(Reuters) -Societe Generale 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.
(Reporting by Mateusz Rabiega in Gdansk, editing by Milla Nissi-Prussak)
