BNP Paribas Group confirms it has closed its corporate and investment banking subsidiary, BNP Paribas Corporate & Investment Bank South Africa, Bloomberg reports, citing a BNP Paribas spokesperson.

“We can confirm that we have closed the corporate and investment bank BNP Paribas South Africa,” a group spokesperson told Bloomberg. At the legal level, the approval of this decision by the South African monetary authorities was announced on 19 April. The South African Reserve Bank (SARB) announced in an announcement that it had withdrawn BNP Paribas’ authorization to “perform banking activities through a branch» from March 8, 2024.

The closure of investment bank BNP Paribas’ subsidiary in South Africa marks the French group’s continued disengagement from the continent. And this withdrawal will revive rumors of other subsidiaries operating in Africa, especially in West Africa. BNP Paribas has already sold its subsidiaries in Burkina Faso, Mali, Guinea, Senegal, Tunisia and Ivory Coast as part of a plan to refocus its activities on European and Asian markets.

These sales are part of a wider repositioning of French banks on the continent, evidenced by the significant downsizing of Société Générale, BPCE and Crédit Agricole.