Africa: openness and partnerships are here the ultimate path to succeed

I was honoured to meet ABSA teams today in Johannesburg and would like to thank them for their warm welcome and fruitful discussions, especially Daniel Mminele, CEO of the bank and Peter Matlare, Chief Executive Absa Regional Operations, among others. Almost a year ago, Societe Generale and Absa signed a MOU paving the way for a commercial partnership that gives us today a tremendous opportunity to roll out a unique pan-African wholesale banking offering across the continent. And by saying “across the continent” I mean an extensive client coverage thanks to our geographical complementarity of 27 countries, representing approximatively 80 % of the African GDP. Together, we are able to provide to our clients with the banking solutions they might need in a “one stop shop” mode, starting from cash management and trade finance services to financing capabilities and market solutions. And the partnership will continue to be enriched over time with new complementary services and products.

This strategic partnership is an important milestone for us, African activities being one of the drivers of the Societe Generale strategy. Today, the growth story of Africa is firstly written by the buoyant demography. By 2050, African population will double, thus, creating a need for 500 million new jobs.

Our role as a bank is thus twofold, we are there to accompany the Africa of today, as well as contribute to the construction of its future.

And this is the sense of our #GrowWithAfrica program that puts together our major commitments to the continent. Contribute collectively to the sustainable development of Africa by establishing dialogue, listening and sharing innovative means and approaches in such domains as infrastructure financing, SMEs, sustainable agriculture and energy, financial inclusions; this is our goal and commitment to Africa. We are convinced that openness and partnerships are the ultimate path to succeed in this collective challenge.

We have just redefined our Societe Generale corporate purpose. Yes, we are strongly committed in Africa and beyond to building together, with our clients, a better and sustainable future through responsible and innovative financial solutions. An profound conviction about the specific and differentiating way in which we wish to carry out our banking business.