French bank Societe Generale announced on Thursday that it has agreed to sell its retail operations in Burkina Faso and Mozambique to Guinea-based Vista Group.

"In accordance with the commitments made, the Vista Group will take over all the activities operated by these subsidiaries, as well as all the customer portfolios of Societe Generale and all the employees of these entities," the French bank said in a statement.

The amount of the transaction was not indicated.

According to Societe Generale, the sale could be completed next year, subject to approval by the regulatory authorities.

The French bank holds a 52.6% stake in its Burkina Faso subsidiary and 65% in the Mozambique operation.

Vista Group describes itself as "a financial services holding company with the aim of building a group of world-class pan-African financial institutions and contributing to economic and financial inclusion in Africa".