Societe Generale Securities Services (SGSS) has teamed up with one of its subsidiaries to offer securities services in the Ivory Coast.
The firm has extended its global offer by including securities services activities in Ivory Coast through Societe Generale de Banques en Côte d'Ivoire (SGBCI), the Societe Generale Group subsidiary in the country that has fifty years experience in the region.
SGBCI has been providing local securities services in Ivory Coast for 28 years. Societe Generale Securities Services partnered with its subsidiary in January 2014, from offices located within the bank in Abidjan.
SGSS hopes to strengthen its existing pan-African activities and develop a securities services offer across the West African Economic and Monetary Union (WAEMU) region.
It will now provide settlement-delivery and custody services from Ivory Coast through the local platform that has been upgraded to include Swift connectivity and enhance instruction and corporate actions management.
These services, which are fully compliant with international industry standards, will be available to clients in 8 countries within the CFA franc WAEMU region: Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, Senegal and Togo.
The set-up provides SGSS’ clients with a single entry point into West Africa and consolidated position reporting for the entire region. The offer is aimed at a clientele of international brokers and global custodians, as well as institutional investors in West Africa. ?
Following SGSS’ expansion in Africa over the past two years, where it has created a custody hub in South Africa and opened new offices in Ghana and Tunisia, this service extension in Ivory Coast is a further step in SGSS’ strategy to become a major securities services player on the African continent.
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