Societe Generale and My Money Bank announced they have entered into exclusive discussion for the acquisition by Societe Generale of the shares of Socalfi, a fully-owned subsidiary of My Money Bank in New Caledonia*.
Societe Generale has been present in New Caledonia for almost 50 years through its subsidiary Société Générale Calédonienne de Banque (SGCB). SGCB offers traditional retail banking services through 20 branches and two corporate business centers serving approximately 80,000 clients.
Operating in New Caledonia since 2002, Socalfi offers automobile financing solutions as well as equipment and specialized equipment financing solutions to retail and corporate clients through a partner distribution network. Socalfi also proposes consumer credit solutions to individuals. The company currently has 26 employees.
This acquisition project would allow SGCB to strengthen its local positions in the markets of consumer credit and equipment finance, which benefit from profitable growth potential.
An information procedure is currently under way with the relevant staff representative bodies and authorities.
* The shares of Socalfi would be acquired by Credical, a fully-owned subsidiary of Société Générale Calédonienne de Banque (SGCB) which is specialized in consumer credit and leasing.