After Madagascar, Equatorial Guinea, Ivory Coast, Benin, Burkina Faso, Guinea, Cameroon, Ghana, Senegal, Chad, Morocco, Algeria and Tunisia, the French bank SOCIETE GENERALE has requested a banking license in Togo, reports the French daily Les Echos. The newspaper indicating that the institution also considers probably to open subsidiaries in Nigeria and Mozambique.
According to the same newspaper, the banking license in Togo was requested via the Benin subsidiary of the company.
This is especially to increase the corporate market which the tricolor bank is now running in Africa. “The needs of companies and individual customers converge increasingly to international standards. We have therefore launched a broad professional program by updating our cash management solutions and develop market opportunities.” Argues Alexandre Maymat, the head of Africa, Asia, Mediterranean and Overseas region of SOCIETE GENERALE. In this context, the bank has set up in Abidjan the same market hall that was opened in Algeria.
The bank is not going to however, ignore the retail market which is growing very rapidly in sub-Saharan Africa due to a still weak banking rate. “When we expand into new markets, we focus on countries with large enough market to develop retail banking. Today we are aiming particularly Mozambique and Nigeria, “says Alexandre Maymat.
Since its creation in 1864, SOCIETE GENERALE offers its expertise to its clients and financing the economy, with the ambition to become the reference for relationship banking. Commitment, responsibility, teamwork and innovation are the values shared by all its employees.