BRED Banque Populaire has entered into an agreement with Société Générale to acquire Société Générale Madagasikara, the leading bank in Madagascar.
The acquisition project of Société Générale Madagasikara will further bolster BRED Banque Populaire’s international operations, as part of a move to expand our foothold in high-potential markets. This project echoes BRED Banque Populaire’s international expansion strategy and consolidates our presence in the Indian Ocean (Djibouti, Reunion Island and Mayotte). It kicked off the M&A aspect of the implementation of our 2024-2027 strategic plan.
The acquisition of Société Générale Madagasikara, which employs 1,000 people and serves nearly 300,000 individual, corporate and institutional customers through almost 70 branches, will enable BRED Banque Populaire to play a part in financing Madagascar’s economy by serving all of the country’s economic agents.
Jean-Paul Julia, Chief Executive Officer of BRED Banque Populaire, said:
“This acquisition marks another significant milestone for BRED Banque Populaire. It is in line with our strategic ambition to expand internationally in regions that hold huge potential. BRED Banque Populaire thus reasserts our DNA as a cooperative bank that supports our regions and their development. We are committed to taking care of each of our customers around the world, and to creating lasting success for all.”
This planned acquisition is subject to the customary conditions precedent and approval by the competent financial and regulatory authorities.