Vista Group Holding, a financial services holding company, has secured all necessary regulatory and financial approvals for the acquisition of Société Générale Mozambique. The announcement was made on Thursday, August 8, 2024.
Full Ownership Achieved
With the fulfillment of the conditions precedent, the holding company of Burkinabe banker Simon Tiemtoré has completed the acquisition of the French group’s 65% stake in its subsidiary.
Vista Group went further by acquiring the shares of other minority shareholders, bringing its ownership in the bank to 100%.
Strategic Milestone for Vista Bank Group
“The acquisition of Banco Société Générale Moçambique represents a significant step in Vista Bank Group’s journey towards its goal of becoming a pan-African financial services group with operations in 25 countries by 2026. This new acquisition allows it to increase its support and impact on economic growth and financial inclusion in Africa,” said Mr. Tiemtoré.
Vista Group’s Expanding Footprint in Africa
With this acquisition, Vista Group expands its presence on the African continent, now operating in 5 sub-Saharan countries (Burkina Faso, Gambia, Republic of Guinea, Sierra Leone, and Mozambique).
Transaction Details Kept Confidential
Vista Group has not disclosed the amount paid for this acquisition or the source of the funds. The entity, owned by Lilium Group LLC, hopes to finalize the acquisition of Société Générale’s Burkinabe subsidiary in the coming months, which is currently awaiting customary regulatory approvals.