(ENKO CAPITAL) - The Enko Capital - Oronte consortium, a key player in African finance, announces the signing of an agreement to acquire Société Générale Mauritanie (SGM), marking a major milestone in strengthening the banking sector in Mauritania. With a long-term vision, the consortium aims to accelerate the development of a locally anchored bank operating to international standards, serving both corporate and individual clients. This agreement is subject to approval by Mauritanian regulatory authorities.

The consortium leverages complementary strengths to guide the bank into a new phase of development.

Formed by Enko Capital, a leading international investment firm in Africa with over $1 billion in assets under management, led by Alain and Cyrille Nkontchou, and Oronte, represented by Bastien Ballouhey, the consortium combines international expertise with local anchorage to ensure strategic continuity while instilling a bold, ambitious vision. Investing equally, the consortium seeks to strengthen the trajectory of a robust bank operating to international standards. The consortium benefits from a diversified partner base, supported by Enko Capital, including international, regional, and African investors as well as pension funds. Bastien Ballouhey, an active investor in Mauritania since 1999 and the bank’s founder in 2004, has played a pivotal role in its development, notably through an 18-year strategic partnership with Société Générale. Thanks to this history, the transition is expected to proceed seamlessly, in close collaboration with SGM’s leadership team, ensuring continuity in service quality, management, and performance. This partnership aims to reinforce the bank's role as a driver of economic development in Mauritania.

Cyrille Nkontchou, co-founder of Enko Capital, stated: "This operation is driven by a forward-looking vision and a long-term commitment from the Enko Capital - Oronte consortium. Modernization and financial innovation, diversification and sophistication of banking products (capital markets, asset and savings management, international trade, loans), service quality, retail banking development, ethics, risk management, and governance will be the cornerstones of the bank. We are confident that this strategy will enable the bank to strengthen its leadership and continue its trajectory as a locally anchored bank operating to international standards”.

Bastien Ballouhey, representing Oronte, added: "This acquisition aligns with an ambitious vision: to position the bank as a driving force in the development of Mauritania’s banking sector. With proven expertise, the Enko Capital - Oronte consortium is perfectly equipped to guide this transformation, consolidating the bank's presence in strategic sectors and strengthening its role in addressing the challenges of a rapidly evolving banking market to meet the needs of the private sector and individuals. With its mining and gas potential, fishing and agriculture sectors, infrastructure needs, Mauritania’s economy is thriving.”

The consortium will implement a strategy focused on:

• Diversification of banking products: asset management, loans, international trade, digital services, and savings;
• Support for strategic sectors: gas, mining, agriculture, and fishing;
• Empowering SMEs and local entrepreneurs to foster inclusive and sustainable growth;
• Customer experience and service quality: central to the model, offering accessible, modern, and tailored services;
• Strengthening governance standards: based on exemplary international practices, ensuring transparency, accountability, and stakeholder trust.

A transformative vision for sustained growth

With a long-term investment approach, the Enko Capital - Oronte consortium aspires to maintain the excellence that has defined SGM while introducing banking innovations inspired by global best practices. By consolidating its local anchorage with enhanced international standards, the consortium aims to provide services tailored to the specific needs of the Mauritanian market. An ambitious modernization strategy will guide the expansion of banking services, while close collaboration with local authorities and strengthened international partnerships will support the sector’s transformation to better finance the national economy. 

A propos d’Enko Capital

Enko Capital is a leading international investment firm headquartered in London, driving economic development across Africa. With over $1 billion in assets under management, the firm offers sophisticated financial solutions tailored to Africa’s unique needs. Alain Nkontchou, co-founder of Enko Capital, brings unparalleled experience from key roles at J.P. Morgan, Credit Suisse, and as Chairman of the Board at Ecobank (ETI). Co-founder Cyrille Nkontchou complements this expertise with a background at Merrill Lynch, founding the investment bank LiquidAfrica, and developing Enko Education. Together, they bring an international perspective and deep expertise in African financial markets, with a proven track record in sovereign debt, private equity, and private debt investments.

A propos d’Oronte

Bastien Ballouhey, founder of the bank in 2004 and Chairman of its Board of Directors since then, has played a central role in its growth and influence. In 2007, Société Générale became a shareholder, strengthening the bank’s scale and solidity. Over 18 years, the bank has become a vital player in Mauritania’s economic landscape, thanks to exemplary governance and high standards of transparency. A graduate of École Polytechnique and INSEAD, with significant experience at Société Générale and State Street Bank, Bastien brings deep expertise in banking and asset management. As an active investor in Mauritania since 1999 and a member of the Presidential Council for Investment, he has an in-depth understanding of the country’s economic and financial dynamics.