Authorities of Congo Brazzaville have rejected Societe Generale’s sale of its country subsidiary to Vista Group because the bank did not give it a right of first refusal, and wields legal action, Reuters reports. Early this month, June 8, Societe Generale announced pullout from four African countries including Congo. The France-based financial institution said it was selling its subsidiaries in Congo and Guinea Equatorial to Vista Group for an undisclosed amount. The bank owned 93.5% of Societe General Congo. “The Congolese State strongly denounces this approach and considers the agreement of the Societe Generale Group to sell its stake to the Vista Group as null,” the Finance ministry statement said, adding that it did not exclude the use of legal recourse against Societe Generale.

Source: The North Africa Journal June 15, 2023 14:02 UTC