The Enko Capital–Oronte consortium has completed its 100% acquisition of Société Générale Mauritania (SGM), following the final regulatory approval granted by the Central Bank of Mauritania. The closing of this transaction marks the complete exit of the Société Générale Group, which had been the bank’s reference shareholder since 2007.
With Société Générale’s departure, ownership of SGM now fully transitions to two long-standing investors in African banking: Enko Capital and Oronte. Enko Capital, headquartered in London, manages over $1 billion in assets and focuses exclusively on investment opportunities across the African continent. The firm is co-founded and led by brothers Alain and Cyrille Nkontchou, who have built a track record of strategic investments in emerging African markets.
Oronte, meanwhile, has a deep and established presence in Mauritania. It has been active in the country since 1999 and is represented by Bastien Ballouhey, the founding figure behind the bank’s creation in 2004. Ballouhey played a central role in SGM’s growth and operational development for nearly 20 years.
Commenting on the deal, Cyrille Nkontchou emphasised the consortium’s long-term view:
This acquisition reflects our confidence in the potential of the Mauritanian economy and our commitment to investing in a resilient banking sector that supports development.
Bastien Ballouhey added that the focus would be on innovation and service excellence:
We intend to support the country’s growth with modern banking solutions tailored to the needs of the local economy, while strengthening governance, service quality, and the bank’s impact.
To ensure continuity for clients and stakeholders, the bank will retain a familiar face at the helm. Nicolas Roca, who served as CEO of SGM from 2021 until late 2023, will resume his leadership role during this transition. He will work closely with the new owners to maintain stability while steering the bank into its next growth phase.
The consortium has outlined a clear vision for SGM’s development under its new ownership. Strategic priorities include:
- Modernising the bank’s service offering to meet evolving client needs.
- Investing in digitalisation to enhance efficiency and customer experience.
- Strengthening governance frameworks to align with best international practices.
- Deepening the bank’s role in financing key sectors of the Mauritanian economy, particularly those critical to sustainable growth.
By combining Enko Capital’s pan-African investment expertise with Oronte’s deep local roots, the acquisition aims to position SGM as a stronger, more agile player in Mauritania’s banking sector, ready to contribute to the country’s economic transformation.
