logo
Tunisia: Société Générale abandons plans to sell its stake in UIB

Tunisia: Société Générale abandons plans to sell its stake in UIB

African Manager08-02-2025
The Union Internationale de Banques (UIB) announced that during its Board of Directors meeting held on February 7, 2025, Société Générale—which holds a 52.34% stake in UIB—recalled that it had been exploring various strategic options since June 2023, including the possibility of selling its shares in UIB.
After carefully assessing market opportunities and conditions, Société Générale has decided, in the current context, to focus its efforts on strengthening UIB's positioning, driving its transformation, and supporting its growth to serve the Tunisian economy, with the backing of its co-shareholders.
The Board of Directors was informed that Société Générale will remain attentive to market developments and open to any opportunities that align with its strategic objectives and the interests of UIB and its various stakeholders.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Libya strengthens controls on Tunisian and Egyptian goods
Libya strengthens controls on Tunisian and Egyptian goods

African Manager

time18 hours ago

  • African Manager

Libya strengthens controls on Tunisian and Egyptian goods

The Libyan Customs Authority announced measures aimed at 'improving transit services at the land borders with Tunisia and Egypt and protecting the country against spoiled and inferior quality goods,' reported the Libyan News Agency (LNA). This announcement was made during a meeting between the Authority's acting director, Major General Musa Ali Mohammed, the director of the General Administration of Technical Affairs, the director of the International Transit Department, and the director of the Authority's International Cooperation Office. The meeting focused on resolving obstacles to the transit of goods across Libyan territory. The Authority explained that a series of procedures and controls were agreed upon in this regard, notably the need to alert customs center officials of the obligation to obtain prior authorization for any transit operation, whether destined for or originating from Tunisia or Egypt, through the Authority's International Cooperation Office. The Authority also emphasized the necessity of obtaining a financial guarantee for the value of the goods from the exporting company, which is refundable once the transit operation is successfully completed. Authorization must also be obtained for the return of any goods from the Tunisian side back to the country of origin, or from the Egyptian side via the designated entry window on the Egyptian side. The Authority underscored its commitment to respecting the recommendations of the Libyan-Tunisian Customs Technical Committee concerning goods in transit. If the results of the predictive analysis of goods in transit are negative, those goods must be destroyed in the destination country.

BTL signs up with Fininfo Solutions to modernize its UCITS operations
BTL signs up with Fininfo Solutions to modernize its UCITS operations

African Manager

time18 hours ago

  • African Manager

BTL signs up with Fininfo Solutions to modernize its UCITS operations

The Tunisian-Libyan Bank (BTL) is continuing its digital transformation by announcing the signing of a strategic agreement with Fininfo Solutions to deploy a cutting-edge technological solution dedicated to the custodian function and to the distribution of UCITS managed by its subsidiary, Leptis Asset Management. This project is part of BTL's stated intention to invest heavily in digital technology in order to optimize its operations, strengthen the reliability of its processes, and offer faster, more accurate services better suited to the expectations of its institutional clients and partners. The new solution will cover a complete functional scope: custody recordkeeping and control, fund administration, portfolio management, asset/liability management, and issuer services. Designed to be highly open to functional specifications, it will offer BTL the flexibility needed to easily integrate future innovations and adapt to market developments. At the heart of this modernization, BTL will introduce a 180-degree view of the client, integrating all tangible and intangible aspects of the client's relationship with the bank. This approach will offer a fungible and dynamic synthesis of all assets and commitments, current and future, linked to the account. It will greatly facilitate the decision-making process and will allow, with a single click, the validation of certain operations, thereby improving responsiveness and efficiency. Mr. Hatem Zaara, Chief Executive Officer of BTL, stated: 'This partnership with Fininfo Solutions marks an important stage in our digital transformation. We are investing in innovative tools that will improve the quality and speed of our services, while ensuring rigorous management in compliance with regulatory requirements. Digital technology is at the heart of our strategy and will continue to be a lever for BTL's development.' Mr. Fares Naiet Gaied, Manager of Fininfo Solutions, added: 'We are pleased to collaborate with BTL in implementing this solution. We will be a trusted digital partner, supporting it in its growth and ambitions by providing our expertise and technology.' This partnership will also foster enhanced synergies with the other entities of the Group, notably the investment bank and the asset management company, while supporting the growth and performance of the Private Bank branch. By deeply modernizing its infrastructures and placing digital technology at the service of its clients, BTL confirms its desire to anchor its development in an approach oriented toward innovation and efficiency, true to its new slogan: 'The Bank That Gets You.'

Trade deficit continues to widen further
Trade deficit continues to widen further

African Manager

time18 hours ago

  • African Manager

Trade deficit continues to widen further

Has Tunisia's trade balance deficit become totally out of control? It would be hard not to think so in view of the succession of episodes of worsening of this deficit, the latest of which has just been recorded, Tuesday, by the National Institute of Statistics, which announced that the trade deficit at current prices widened at the end of July 2025, to -11,904.5 million dinars, against -9,631.8 million dinars during the first seven months of 2024. Therefore, the coverage rate reached 75.6% against 79.4% during the same period in 2024. According to a note published by the INS, this deficit comes mainly from energy (-6,037.2 million dinars), raw materials and semi-finished products (-3,800.4 million dinars), capital goods (-1,959.6 million dinars) and consumer goods (-930.7 million dinars). Conversely, the food group recorded a surplus of (+823.4 million dinars). On the other hand, it should be noted that the trade balance deficit excluding energy was reduced to (-5,867.4 million dinars), while the energy balance deficit stood at (-6,037.2 million dinars), against (-6,591.7 million dinars) during the first seven months of the year 2024. Exports fall by 0.2% The results of Tunisia's foreign trade at current prices during the first seven months of 2025 show that exports fell by 0.2% to.36,973.4 million dinars, from 37,034.9 million dinars during the same period in 2024. By sector, exports recorded an increase in the mining, phosphates and derivatives sector (+8.6%) and in the mechanical and electrical industries sector (+6.5%). Moreover, exports recorded a decrease in the energy sector (-34.8%) due to the drop in sales of refined products (381.3 million dinars against 1,143.1 million dinars), as well as in the agri-food industries sector (-17.5%) following the fall in the value of olive oil sales (2,506.1 million dinars against 3,636.2 million dinars) and in the textile, clothing and leather sector (-0.2%). For Tunisian exports to the European Union, during the first seven months of the year 2025 (70.6% of total exports), they reached the value of 26,120.1 million dinars against 25,914.6 million dinars during the first seven months of the year 2024. Exports increased with Germany (+15.4%), France (+7.5%) and the Netherlands (+11.8%). Conversely, they decreased with Italy (-9.4%) and Spain (-30.4%). To Arab countries, exports increased with Libya (+12.5%), Morocco (+38.5%), Algeria (+20.8%) and Egypt (+48.9%). Imports rise 4.7% As for imports, they reached the level of 48,877.9 million dinars against 46,666.7 million dinars during the same period of the year 2024, thus recording an increase of 4.7%. According to the breakdown of products, imports recorded an increase in imports of capital goods (+18.6%) and of raw materials and semi-finished products (+6.6%); likewise, imports of consumer goods rose by (+12.1%). Conversely, imports of energy products recorded a decrease of (-14.9%) and food products of (-5.1%). With regard to imports from the European Union (44.2% of total imports), they reached 21,591.4 million dinars against 20,639.5 million dinars during the first seven months of the year 2024. Imports increased with France (+12.7%) and with Germany (+10.3%). Conversely, they fell with Italy (-0.7%), with Greece (-29.7%) and with Belgium (-7.6%). Outside the European Union, imports increased with China (+37.2%) and Turkey (+14.9%). Conversely, they recorded a decrease with Russia (-21.9%) and India (-9.2%).

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store