Société Générale Guinée has reached an agreement with Atlantic Financial Group (AFG), a pan-African banking entity, for the full sale of its majority stake of 57.93% in the Conakry-based bank. The announcement was made on September 20, 2024, by AFG’s communications department via the website Afrique Economie.
The deal will see Atlantic Financial Group taking over all of Société Générale Guinée’s operations, including its customer portfolios and employees. AFG’s acquisition is expected to have a positive financial impact, boosting the Group’s Common Equity Tier 1 (CET1) ratio by approximately 2 basis points by the close of the transaction, projected for the first quarter of 2025.
The transfer of ownership is pending approval from relevant financial and regulatory authorities, as well as the fulfillment of other standard conditions.
AFG, headquartered in Côte d’Ivoire, has been expanding across the continent and recently acquired microfinance operations from Access Holding in Liberia, Madagascar, Nigeria, Rwanda, and Zambia, signaling its growing footprint in African finance.
A transition period has been agreed upon to facilitate a smooth handover between outgoing and incoming shareholders.
