A major shift is underway in Mauritania’s banking sector as a consortium comprising Enko Capital and Oronte has completed the acquisition of Société Générale Mauritanie (SGM), the retail banking arm of Société Générale in the country.
The deal, finalized on Monday, August 11, 2025, marks the end of Société Générale’s presence in Mauritania, following a broader strategic withdrawal from several African markets including Morocco, Congo, Chad, and Mozambique.
The acquisition follows an initial agreement reached earlier this year in January and involves the purchase of 100% of SGM’s capital.
While the consortium has not disclosed the sale price, a joint press release outlined ambitious plans to strengthen the bank’s role as a pivotal financier in Mauritania’s economy, focusing especially on strategic sectors such as mining, gas, agriculture, and small and medium-sized enterprises (SMEs).
Since 2007, Société Générale has been the majority shareholder of SGM, which currently operates 11 branches and serves nearly 40,000 clients.
The bank’s latest financials reveal a net banking income of €35 million and a net profit of €9.9 million, according to a spokesperson representing the new owners.
Enko Capital, headquartered in London, is known as an independent asset management firm with a strong focus on African investments, managing assets worth over $1 billion.
Oronte is the investment vehicle of businessman Eric-Bastien Ballouhey, who brings local market insight and strategic capital to the partnership.
This acquisition signals a new chapter for Mauritania’s banking industry as local and regional investors take the helm, aiming to deepen financial inclusion and support key economic sectors amid evolving market dynamics.
The consortium’s commitment to fostering growth in priority industries highlights a broader trend of targeted investments driving Africa’s economic transformation.
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