La transaction porte sur la totalité des parts que Société Générale owns in its subsidiary, at know 70%. The first bank in Madagascar is now BRED Madagasikara Banque Popolo. It serves 300,000 customers, individuals, businesses and institutions and has 1,000 employees in 70 agencies. According to the information, the sale was made based on a total valuation of around 220 million euros. According to Jean-Paul Julia, the managing director of BRED who took office last year, succeeding Olivier Klein, “Madagascar is a country with great potential. There is a strong increase in the banking rate and good economic growth. We know that we will be able to produce a lot of value by supporting our customers in the best possible way.” This acquisition is part of BRED's desire to strengthen its international presence.