In the flagship act of Senegal’s “financial sovereignty” push under President Bassirou Diomaye Faye, the state moved in November 2024 (reported then at €268m / c. CFA 175bn) to acquire Société Générale’s controlling stake in SGBS, Senegal’s second-largest bank, using its statutory pre-emption right, Finance Minister Cheikh Diba confirmed he wrote to SG’s parent to assert it. The purchase sits inside SG’s West African retreat and would put a major bank under state control for the first time in the post-privatisation era, aimed at SME credit and public-investment financing.
Deal terms were reported as agreed at €268m; final completion formalities are flagged for confirmation .
Value: €268m (partly verified, partly reported).
Advisers: state-side advisers and SG’s counsel were not publicly named.
Recorded by The Meridian research desk from public announcements, regulatory filings and financial press coverage. Dates and values are as publicly reported.
