(Reuters) -French bank Societe Generale said on Friday it had reached a deal with Atlantic Financial Group for the sale of a 57.93% stake in its Guinean unit. Chief Executive Slawomir Krupa has pledged to boost profit and capital by cutting costs and shedding some non-core assets to improve Societe Generale's overall performance.

Societe Generale (OTCPK:SCGLF) (OTCPK:SCGLY) has agreed to sell its Guinea subsidiary to Pan-African banking group Atlantic Financial Group, it said on Friday, marking another step in the French bank's efforts to reduce its footprint in Africa.

Societe Generale SA took another step toward reducing its business in Africa, joining a long list of European lenders who have retreated from the continent.