Closing of the sale operation of the Congolese subsidiary of the Société Générale Group to the Congolese State

23 Dec, 2023

Saturday December 23, 2023 in Brazzaville, Mr. Jean-Baptiste Ondaye, Minister of Economy and Finance, representing the Congolese Government, and Mr. Gilles de Gasquet, representing the Société Générale Group, signed the sale agreement for SG -Congo (Congolese subsidiary of the said Group) to the Congolese State.


This signing took place in the presence of the Congolese Council of State, Mr. Ismaël Libizangomo, Managing Director of BGFI Capital (subsidiary of the BGFIBank Group) in charge of investments. This ceremony marked the closing of the sale of this subsidiary. And the Congolese State has chosen BGFIBank-Congo as a reference partner to take over the activities of Société Générale Congo, in compliance with the regulations of the Central African Banking Commission (COBAC).

Reminder of the stages of the transfer process by the Minister of the Economy and Finance

“It was in June 2023 that the Congolese state learned that the Société Générale Group intended to sell some of its subsidiaries in Africa, notably those in Chad, Equatorial Guinea and Congo. In the case of the Congolese subsidiary, the State holds 6.5% of the shares.

In reaction to this announcement and in accordance with the Statutes in force and the provisions of the Uniform Act of the Organization for the Harmonization of Business Law in Africa (OHADA), relating to the Law of commercial companies and Economic Interest Grouping (GIE), the Republic of Congo has indicated its intention to use its right of pre-emption. This then gave the State shareholder the possibility of repurchasing the shares held by the Société Générale Group.

It is in this context that on July 31, 2023, the Congolese State signed an agreement with the Société Générale Group with a view to acquiring all of the shares held by the latter in its Congolese subsidiary. This operation was authorized by the Central African Banking Commission (COBAC), during its session of October 2, 2023.

The agreement signed on July 31, 2023 provides for the observation of a transition period, the deadline for which is December 31, 2023. This transition is currently managed by two management committees made up of representatives of Société Générale, the "Congolese State and BGFI Capital, which is the Council of State", recalled Minister Ondaye.


The Communication Unit of the Ministry of the Economy and Finance.

Photo credits : B2B Communication