SocGen sells South African custody, trustee, clearing Unit to ABSA

French bank Societe Generale said on Friday it agreed to sell its South African unit offering custody, trustee and clearing services to South Africa-listed bank ABSA as part of a strategy to review its scope of businesses.

Societe Generale did not disclose the amount of the transaction.

The French bank also signed an agreement with ABSA to jointly provide wholesale banking services in most African countries.

The agreement between the two banks includes a specific offer to service Chinese companies operating in Africa. Source: Reuters