Societe Generale and PROMONTORIA MMB enter into exclusive discussions for the acquisition of Société Générale de Banque aux Antilles by PROMONTORIA MMB
Societe Generale and Promontoria MMB today announced they have entered into exclusive discussions for the acquisition by Promontoria MMB of the shares of Société Générale de Banque aux Antilles (SGBA), a fully-owned subsidiary of Societe Generale SA.
Operating in Guadeloupe, Martinique and French Guyana, SGBA offers a wide range of banking services to retail customers (daily banking, credit, savings and insurance), professionals (daily banking, credit, savings, treasury solutions, advisory and insurance) and corporates (day-to-day banking, financing, investment solutions, international operations, insurance). SGBA today owns five branches and three corporate business centers that serve approximately 17,000 clients.
Promontoria MMB offers retail financing solutions in metropolitan France (intermediated loan consolidation) under the My Money Bank brand and operates in these niche segments with significant market shares. Promontoria MMB is also active in real estate lending and specialized financing for corporates under the My Partner Bank brand.
For nearly 60 years, the Group has been a key player in the financing of the real economy (auto financing, consumer credit) in overseas territories through its local subsidiaries in French Guyana, Martinique, Guadeloupe (Somafi-Soguafi), Reunion (Sorefi) and New Caledonia (Socalfi).
This project is part of the implementation of Societe Generale's "Transform to Grow" strategic plan, which aims at refocusing the Group on markets and activities where it has a leading position with potential for synergies and profitable growth.
An information and consultation procedure is currently under way with the relevant staff representative bodies.
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