In a major development in African finance, just three days after acquiring the Access network, AFG Holding, a pan-African banking group, has now taken control of Société Générale in Guinea. This marks the continued resurgence of Ivorian businessman Koné Dossongui, further cementing his position at the forefront of African finance.
Société Générale has signed an agreement with Atlantic Financial Group (AFG), a leading pan-African banking group, to sell its 57.93% stake in Société Générale Guinea. The agreement stipulates that AFG will take over the entirety of Société Générale Guinea’s operations, including all customer portfolios and staff.
The transaction is expected to have a positive impact, increasing Société Générale’s Common Equity Tier 1 (CET1) ratio by approximately 2 basis points, with finalization expected by the end of Q1 2025.
This deal is subject to the usual conditions and must be approved by the relevant financial and regulatory authorities before it is completed.
Koné Dossongui’s latest move signifies his continued ambition to expand his influence across African financial markets. The acquisition strengthens AFG’s position in West Africa and aligns with its strategic goals of becoming a key player in the region’s banking landscape.
(1) CET1 ratio refers to a bank’s core capital, which consists mainly of common stock and retained earnings, as a percentage of its risk-weighted assets. This metric is crucial for assessing a bank’s financial strength.
