French lender Societe Generale has finalised the acquisition of a stake in Mauritius Commercial Bank Mozambique (MCBM), following the signing of a deal between the two banks in March 2015.
With this deal, Societe Generale has become the majority shareholder in MCBM, with a 65% holding in the bank.
"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," the French banking group said in a statement.
The bank has also named Laurent Thong Vanh as the CEO of Societe Generale Moçambique.
Societe Generale presently operates in 18 African countries.