Two leading banks on the African continent, Absa and Société Generale, partner to launch a financial services offering unique to the continent.
Société Generale and Absa Group Limited, two leading banks on the African continent, announce the signing of a Memorandum of Understanding (MOU) to roll out a commercial agreement and expand their activities through the development of a pan-African wholesale banking offering.
Separately, Absa agreed to acquire Société Generale’s custody, trustee and clearing services operated in South Africa, enabling Absa to advance its growth strategy.
With operations in 19 African countries, mainly in Western and Northern Africa, Société Generale has a strong position on the continent, enabling the Bank to offer its clients the expertise of an international bank combined with the proximity of its local banking networks.
Absa is one of Africa’s largest diversified financial services groups, with a presence in 12 countries, primarily in Southern and Eastern Africa.
The bank has strong knowledge of local markets, which allows Absa to meet client needs with a full range of local banking solutions.
This partnership will leverage on Société Generale and Absa’s geographical complementarity and combined strengths to reinforce their expertise and offer a wider range of banking products and services to international and domestic corporate clients and financial institutions with operations in Africa.
This will also enable them to boost client coverage beyond their own traditional markets through an extended offering across 27 countries in Africa.
While this is a non-exclusive agreement, the pan-African offering will be enriched over time with new complementary services and products.
This article was originally published here
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