06/10/2015

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Societe Generale finalises the acquisition of a stake in Mauritius Commercial Bank Mozambique

Following the signature of an agreement with Mauritius Commercial Bank on 18 March 2015, Societe Generale announces today that it has finalised the acquisition of a stake in Mauritius Commercial Bank Mozambique (MCBM). Following a capital increase reserved for the Group, Societe Generale became the majority shareholder of MCBM, with a 65% stake in the company.

Societe Generale also announces the appointment of Laurent Thong Vanh as Chief Executive Officer of Societe Generale Moçambique. By relying on the Group's unique positioning in Africa, which combines the benefits of an international bank and the proximity of a local one, Societe Generale Moçambique will support the country's growth while developing the Group's universal banking services for local and international businesses and retail clients.

Societe Generale currently has a presence in 18 African countries, and this new development demonstrates its determination to support its clients in new growth regions. As one of the three international banks with the largest presence in Africa, the Group supports local economies and serves more than three million clients, including 150,000 businesses.

 

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Biography

Laurent Thong Vanh joined Societe Generale as a trader in 1989. He continued his career at Rhône-Poulenc in financial strategy and financial management/treasury in France and Brazil. He was then appointed Chief Financial Officer of Aventis Pharma's Latin American operations. He returned to Societe Generale in 2004 as Head of Corporate Strategy in Asia, and then took on supervisory roles for the Group's consumer credit activities in Brazil. Before becoming head of the Mozambique project, he was the international universal banking division's Head of Asia. Laurent has an engineering degree from the National Institute of Applied Sciences in Lyon and holds a Master's in International Finance from HEC Paris

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