Deals - Jun 09, 2023

Asafo & Co. worked alongside the pan-African banking group, Coris, in signing an agreement to acquire Société Générale’s subsidiaries in Mauritania and Chad.

The transaction was part of a move by Société Générale to sell its businesses in four African countries.

These acquisitions are very strategic for Coris Group and mark its entry into Central Africa and Mauritania. Since 2008, Coris Bank International has expanded to include the eight countries of the West African Monetary Union, and Guinea, which has a separate currency.

The acquisitions are expected to close by the end of 2023, subject to regulatory approvals, and would enable Coris Bank International to take over all the Société Générale operations in Chad and Mauritania, as well as all the customer portfolios and staff within those entities.

The Asafo & Co. team advising Coris Bank was led by partner Patrick Larrivé who was assisted by associates Safaa El Khammal, Christy Komba-Malongo, Donatien Michel, Guy-Fabrice Holo, Abdallah Ktiri and Assia Khalidi.